Department of Labor Advisory Opinion on Collective Investment Funds

This document is about a Department of Labor advisory opinion concluding that collective investment funds established and maintained by a bank or trust company would continue to be viewed as "maintained by a bank or trust company" for purposes of the ERISA section 408(b)(8) and 4975(d)(8) prohibited transaction exemptions, even if the bank retains its parent company as the investment manager of the funds, provided the bank retains certain authorities and responsibilities with respect to the funds.