Advisory Opinions

Whether the Concept Systems, Inc. Growth Share Plan (the Plan), which provides annual payments to participating employees during employment, after a compensation deferral for a maximum of 3 years, is an employee welfare benefit plan within the meaning of section 3(1) or an employee pension benefit plan within the meaning of section 3(2) of the Employee Retirement Income Security Act of 1974 (ERISA).

Whether the Keep Well Trust for Employer Aided Benefits is an employee welfare benefit plan within the meaning of section 3(1) of title I of the Employee Retirement Income Security Act of 1974.

Whether the Donnelly Mirrors, Inc. Participant Benefit Plan may benefit from the limited exception at 29 CFR §2520.104-44, to the reporting requirements of the Employee Retirement Income Security Act of 1974 (ERISA), including the requirement under ERISA section 103(a)(3)(A) that an independent qualified public accountant must conduct an examination and certify any financial statements the Plan may have.

Whether transactions meant to separate two employee stock ownership plans originally created for employees of Time Incorporated (Time) by providing that each plan would have investment committees without members in common, would not provide services to each other, and would not own the same non-employer securities, were prohibited transactions under either Section 406(a) or 406(b)(1) of the Employee Retirement Income Security Act of 1974 (ERISA) whether after the transactions, the plans would be parties in interest with respect to each other under ERISA section 3(14).

Whether an amendment to the Marine Midland Thrift Incentive Plan (the Plan) that would permit a participant to direct the Trustee of the Plan (Marine Midland, which serves without compensation ) to invest all or a portion of the participant's interest in the Plan in one or more of the three investment portfolios maintained by Mariner Institutional Funds, Inc. (Mariner), and several other changes in the management of the plan would be prohibited transactions under the Employee Retirement Income Security Act of 1974 (ERISA), and if so, whether Prohibited Transactions Exemption 77-3 would apply, especially with respect to the acquisition or sale of shares of Mariners Funds by Marine Midland, as Trustee of the plan.

Whether the retirement plan (the Plan) sponsored by Searle & Co. can exclude from its annual return/report (Form 5500) the report of an independent qualified public accountant, which is generally required by Section 103(a)(3)(B), of the Employee Retirement Income Security Act of 1974 but also may be limited by regulation 29 CFR 2520.103-8, because all of the Plan’s assets are held by a bank authorized by the Department of Treasury to perform as trustee, is subject to periodic audit and examination by both the Commonwealth of Puerto Rico and Federal agencies, and the return is accompanied by an actuarial report detailing the Plan’s general situation produced and certified annually by an enrolled actuary.

Whether section 514 of the Employee Retirement Income Security Act of 1974 preempts Colorado licensing requirements and interest limitations that otherwise would apply if the United Bank of Denver, which serves as trustee for one or more unnamed pension trusts and is authorized under the terms of the trusts to make loans to plan participants from the trust assets, makes such a such a loan.

Whether the A.I. McDermott Co., Inc. Health and Welfare Trust (the Trust), a welfare benefit plan with fewer than 100 participants, qualifies for the limited exemption to the reporting and disclosure requirements of title I of the Employee Retirement Income Security Act of 1974 for certain small welfare plans prescribed in 29 C.F.R. §2520.104-20.

Whether it is not a per se violation of section 406(b)(1) of the Employee Retirement Income Security Act of 1974 or section 4975(c)(1)(E) of the Internal Revenue Code of 1954 for Rogers, Casey & Barksdale, Inc. (RCB), an investment manager to recommend to an employee benefit plan (Plan) that it invest in any RCB-managed funds if RCB discloses the nature of its relationship to the managed fund and provides all other relevant information to an independent plan fiduciary who will, based on such information, independently review the proposed transaction and make the investment decision.

Whether certain new pension investment consulting services by the Equitable Life Assurance Society of the United States (Equitable), violate section 406(b)(1) of the Employee Retirement Income Security Act of 1974 and section 4975(c)(1)(E) of the Internal Revenue Code of 1954 (the Code).