Advisory Opinion on Record-Keeper Receiving Fees from Mutual Funds

This document is about an advisory opinion from the U.S. Department of Labor regarding the application of ERISA's prohibited transaction provisions to the payment of certain fees by mutual funds to a record-keeper providing services to employee benefit plans. The Department concludes that the receipt of such fees would not violate ERISA section 406(b)(3) if the fees are used to offset the plan's liability for the record-keeper's services and the plan is not otherwise obligated to pay the fees.