ERISA Revenue Sharing Arrangements: Avoiding Plan Asset Status, Complying With Due Diligence Requirements

Best Practices for Utilization of Excess Payments, Contract Negotiations, Allocation of Credits to Plan Participants and More

A live 90-minute CLE webinar with interactive Q&A


Tuesday, July 18, 2017
1:00pm-2:30pm EDT, 10:00am-11:30am PDT


This CLE webinar will provide ERISA counsel with the tools necessary to guide fiduciary clients in the governance of revenue sharing arrangements. Our experienced panel will provide best practices in utilization of excess payments, contract negotiation and credit allocation to plan participants, and more.

Description

Financial institutions that provide services to a plan frequently receive payments such as 12b-1 fees and administrative services fees, oftentimes called revenue sharing payments. In light of recent high profile, multi-million dollar settlements involving these agreements, fiduciaries must ramp up scrutiny during drafting and implementation.

Counsel to ERISA fiduciaries must also ensure that their arrangements do not include clauses that would cause the payments to be ERISA plan assets under the DOL advisory opinion guidance. If these payments are considered plan assets, any person authorized to manage them would be an ERISA fiduciary.

Additionally, whether or not revenue sharing payments are considered plan assets, counsel must ensure that fiduciaries engage in appropriate due diligence to avoid prohibited transaction rules and qualify for the exemption under 408(b)(2).

Listen as our authoritative panel reviews appropriate terms and enforcement of revenue sharing agreements, applicable due diligence in avoiding prohibited transaction rules, and best practices in dealing with excess payments.

Outline

  1. Revenue sharing arrangements and plan asset status
  2. Fiduciary due diligence requirements
  3. Best practices
    1. Revenue sharing contractual terms
    2. Calculation of revenue sharing payments
    3. Reporting requirements
    4. ERISA account tracking
    5. Utilization of excess revenue sharing payments
    6. Allocation to plan participants

Benefits

The panel will review these and other key issues:

  • How should revenue sharing agreements be drafted so that revenue sharing payments are not considered plan assets?
  • What are the fiduciary due diligence requirements related to revenue sharing agreements?
  • What are the best practices in utilizing excess revenue payments and credit allocation to plan participants?

Faculty

Marcia S. Wagner, Managing Director
Wagner Law Group, Boston

Ms. Wagner is recognized as an expert in a variety of employee benefits issues and executive compensation matters, including qualified and non-qualified retirement plans, all forms of deferred compensation, and welfare benefit arrangements. She was appointed to the IRS Tax Exempt & Government Entities Advisory Committee and is a past Chair of its Employee Plans subcommittee. Ms. Wagner has written hundreds of articles and 14 books and is widely quoted in business publications as well as being a frequent guest on televised media outlets.

Philip J. Koehler, Esq., Founder and CEO
ERISA Fiduciary Administrators, Newport Beach, Calif.

Mr. Koehler is a highly experienced ERISA attorney, having practiced in large law firms, e.g. Morrison & Foerster LLP, and two of the final four accounting firms, Deloitte and KPMG. He has advised thousands of plan sponsors regarding all aspects of their retirement plans and executive compensation programs. Early in his career, he was a pension underwriter for large insurance companies and managed several third party administration firms. He is Professor of Qualified Pension and Profit Sharing Plans and Executive Compensation at the Chapman University School of Law.

Joshua J. Waldbeser
Drinker Biddle & Reath, Chicago

Mr. Waldbeser counsels plan sponsors and committees with respect to their fiduciary responsibilities under ERISA, as well as design and operational considerations for 401(k) plans, ESOPs and other defined contribution plans, cash balance and traditional defined benefit plans, and deferred compensation arrangements of all types. He also works extensively with insurance companies, investment advisors and funds, banks and trust companies, broker-dealers, record keepers, TPAs and other service providers with respect to ERISA, tax, securities and other compliance matters, including investment and fiduciary issues, as well as prohibited transactions and exemptions. In addition, he works extensively with tax-exempt and governmental employers with respect to 403(b) and 457 plans.

Brian C. Hubbell, AIF, Principal
Hubbell Consulting, Charlotte, N.C.

Mr. Hubbell has over 30 years of experience exclusively in the field of employer sponsored retirement plans. He began his career in the Pension Investment Division of Mutual of New York, then joined the consulting firm of Findley Davies where he was the Practice Leader for the firm’s retirement consulting practice. He established his firm dedicated to corporate retirement plan consulting, including investment counsel, plan compliance/design, and employee retirement outcomes.


Live Webinar

Live Webinar $297.00

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This webinar is eligible for at least 1.5 general CLE credits.

CLE credits are not available for PR.

*In KS, OH, PA, for more than 1 attendee on the connection you must contact Strafford CLE via email or call 1-800-926-7926 ext. 35 prior to the program for special instructions.


Recordings

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

*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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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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Customer Reviews

I appreciated that the seminar’s comprehensive coverage was targeted to those not already expert in this area of law.

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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

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

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Greenberg Traurig

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