ERISA Benefit Plan Investment Management Agreements: Selecting 3(38) Investment Managers, Structuring the IMA

Documenting the Relationship to Minimize Risks for Plan Sponsors and Investment Advisers

Recording of a 90-minute CLE webinar with Q&A


Conducted on Tuesday, April 18, 2017
Recorded event now available


This CLE webinar will review how best to negotiate and draft investment management agreements (IMAs) with ERISA retirement plan sponsors. The panel will explain best practices for selecting a 3(38) investment manager to reduce personal fiduciary risk and outline key steps in structuring and documenting the investment manager relationship.

Description

ERISA law requires plan fiduciaries to exercise the knowledge and experience of a prudent expert when making investment decisions. Breach of fiduciary duties under ERISA are subject to personal liability. ERISA Section 3(38) defines the investment manager to which the trustees can delegate their duties. An ERISA plan sponsor can delegate investment decisions to an ERISA 3(38) investment manager to mitigate liability and risk for investment decisions. Plan sponsors remain responsible for hiring and monitoring a 3(38) fiduciary and must exercise due diligence to ensure they meet their own fiduciary duty.

ERISA also imposes fiduciary obligations on ERISA investment managers, including the duty to avoid prohibited transactions with “parties in interest” to the ERISA plan, unless an exemption, such as QPAM, exists. However, the exemptions are nuanced, and fund managers must proceed carefully when taking advantage of the exceptions.

Listen as our authoritative panel of attorneys discusses ERISA 3(38) investment managers and offers guidelines for selecting investment managers, negotiating and drafting IMAs, and documenting the investment manager partnership from perspectives of both the plan sponsor and the investment manager.

Outline

  1. Negotiating investment management agreements
  2. Drafting investment management agreements
  3. Documenting the investment management partnership

Benefits

The panel will discuss these and other key issues:

  • What standard of care should plans expect from an investment manager?
  • What representations and warranties should an IMA include?
  • What protections can side letters offer to plans?
  • What types of investments may warrant the use of a QPAM agreement?

Faculty

Sharon M. Goodman, Principal
Slevin & Hart, Washington, D.C.

Ms. Goodman focuses her practice on employee benefits law and has extensive experience in matters relating to health and pension plan design and compliance, including the Affordable Care Act, tax qualification and complex investments. She also advises clients in the areas of plan administration and benefit claim processing. She designs and drafts employee benefit plans, including defined benefit, defined compensation, non-qualified deferred compensation, and health plans. She also has significant experience with plan investments in alternative asset classes and the negotiation of complex investment agreements.

David A. Russell, CFA, Senior Investment Strategist, Senior Consultant
Investment Performance Services, Newtown, Pa.

Mr. Russell has over 35 years of investment and consulting experience. He works on all aspects of client funds including investment policy formulation, asset allocation strategies, and evaluation of investment managers. His manager research responsibilities focus on fixed income and alternative investments. He is a frequent speaker at industry conferences.


Recordings

CLE On-Demand - Streaming Video

Includes recorded streaming video of full program plus PDF handouts.

On-demand is the only recorded format recognized for CLE credits in DE, IN, KS, LA, MS, NC, OH, OK, SC, TN, VA, WI.

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*Only available for attorneys admitted for more than two years. For OH CLE credits, only programs recorded within the current calendar year are eligible - contact the CLE department for verification.

**NH attendees must self-determine if a program is eligible for credit and self-report their attendance.

CLE On-Demand Video $297.00

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Recorded Event

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Strafford is an approved provider and self-study CLE credit is available in most states.

AK, AZ, CA, CO, CT, FL, GA, HI, IA, ID, IL, KY, ME, MN, MO, MT, ND, NJ, NM, NY, OR, PA, TN, TX, UT, VT, WA, WV, WY (Note: Some states restrict CLE eligibility based on the age of a program. Refer to our state CLE Map for additional information.)

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Webinar

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Program Materials

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Program Materials

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CLE Credits

Many states grant CLE credits for on-demand streaming audio programs and recorded events. Our programs are pre-approved in many states. Refer to our state CLE map for state-specific information.

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Customer Reviews

Strafford's on-line session was easy to attend and the topic was timely.

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Chartis Claims

I appreciated the speakers' extensive knowledge on the subject.

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I appreciated the practical solutions to common problems.

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The speakers possessed great technical knowledge and experience.

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Good materials plus well prepared presenters and a good level of detail.

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Employment & ERISA Advisory Board

Susan E. Bernstein

Special Counsel

Schulte Roth & Zabel

Judith (Jude) Biggs

Partner

Holland & Hart

Joshua Davis

Director

Goulston & Storrs

Barbara E. Hoey

Partner

Kelley Drye

Jeffrey Hollingsworth

Partner

Perkins Coie

Diana L. Hoover

Partner

Hoover Kernell

Paul J. Kennedy

Shareholder

Littler Mendelson

Marcia Nelson Jackson

Partner

Wick Phillips

William C. Martucci

Partner

Shook Hardy & Bacon

Nancy Morrison O'Connor

Partner

Bracewell & Giuliani

Laura Foote Reiff

Shareholder

Greenberg Traurig

Eugene Scalia

Partner

Gibson Dunn & Crutcher

Peter Steinmeyer

Member

Epstein Becker & Green

Teresa R. Tracy

Partner

Freeman Freeman Smiley

Todd D. Wozniak

Shareholder

Greenberg Traurig

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