Advisory Opinions

Requests for interpretations and other rulings under Title 1 of ERISA are handled by the Office of Regulations and Interpretations under the provisions established by ERISA Procedure 76-1. The office answers inquiries from individuals and organizations in the form of advisory opinions, which apply the law to a specific set of facts, or information letters, which merely call attention to well established principles or interpretations.

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**1984**
AO/ Date/ Reference	Recipient	Description of Request
1984-02A 01/04/1984 3(14) 406(a) 406(b)(2) 410	John D. Gronda, Esq. Muller, Mintz, Kornreich, Caldwell & Casey, P.A. Suite 1800, One Biscayne Tower Two South Biscayne Boulevard Miami, Florida 33131 Steven Bloom, Esq. Kaplan, Sicking, Hessen, Sugarman, Rosenthal & De Castro, P.A. Post Office Drawer 520337 Miami, Florida 33152	Would the Trustees of a jointly administered labor-management Vacation Trust Fund (Vacation Fund) and Pension-Annuity Trust Fund (Pension Fund), engage in one or more prohibited transaction(s) by terminating the Vacation Fund (inactive since June 1975), and, after paying unclaimed benefits from that Fund, transferring remaining funds to the Pension Fund, and, if so, would an agreement to indemnify the Vacation Trust from any harm resulting from the transfer be an exculpatory provision under section 410(a) of the Employee Retirement Income Security Act of 1974.
1984-01A 01/04/1984 3(14) 406(a) 406(b)(2) 410	John D. Gronda, Esq. Muller, Mintz, Kornreich, Caldwell & Casey, P.A. Suite 1800, One Biscayne Tower Two South Biscayne Boulevard Miami, Florida 33131 Steven Bloom, Esq. Kaplan, Sicking, Hessen, Sugarman, Rosenthal & De Castro, P.A. Post Office Drawer 520337 Miami, Florida 33152	Would the Trustees of a jointly administered labor-management Vacation Trust Fund (Vacation Fund) and Pension-Annuity Trust Fund (Pension Fund), engage in one or more prohibited transaction(s) by terminating the Vacation Fund (inactive since June 1975), and, after paying unclaimed benefits from that Fund, transferring remaining funds to the Pension Fund, and, if so, would an agreement to indemnify the Vacation Trust from any harm resulting from the transfer be an exculpatory provision under section 410(a) of the Employee Retirement Income Security Act of 1974.

**1983**
AO/ Date/ Reference	Recipient	Description of Request
1983-62A 12/13/1983 3(21)(A) 401(b) 403(a)	Mr. Robert C. Pozen Caplin & Drysdale 1101 Seventeenth Street, N.W. Washington, D.C. 20036	Whether the initial deposit or the maintenance deposit for when-issued trading in AT&T securities would not constitute a plan asset for purposes of Part 4 of Subtitle B of Title I of ERISA; whether the initial deposit or the maintenance deposit is not required to be held in trust in accordance with section 403(a) of ERISA: and whether a broker-dealer would not become a fiduciary solely by reason of holding the initial deposit or maintenance deposit of a plan trading in when-issued AT&T securities.
1983-61A 12/08/1983 406(b)(1) 406(b)(2) 406(b)(3) 408(b)(2)	Identification Number: F-2667A	Whether a Company and other members of its controlled group may from time to time retain an investment manager which is a lower tier subsidiary of the Company to manage assets of certain qualified employee benefit plans which the Company or any member of its controlled group maintains, or in the future may maintain, and that Investment Manager may be paid reasonable compensation, either from the assets of the Company or the assets of the plans, for performing such investment management services without engaging in a prohibited transaction under section 406 of ERISA.
1983-60A 11/21/1983 3(21)(A)(ii)	Mr. J. Hamilton Crawford Securities Industry Association 20 Broad Street New York, New York 10005	Whether a broker-dealer will not be deemed a fiduciary under section 3(21)(A)(ii) of ERISA unless the broker-dealer provides investment advice for distinct, non-transactional compensation.
1983-59A 11/10/1983	Honorable Julio A. Brady Lieutenant Governor U.S. Virgin Islands P.O. Box 450 Charlotte Amalie St. Thomas, Virgin Islands 00801 Neil D. Kimmelfield, Esq. Peabody, Lambert & Meyers 1150 Connecticut Avenue, N.W. Washington, D.C. 20036	Whether an insurance company licensed to sell insurance in the U.S. Virgin Islands will meet the requirement in section II(a)(2) of PTE 79-41 that an insurance company covered by the exemption must be licensed to sell insurance "in at least one of the United States or in the District of Columbia."
1983-58A 11/09/1983	Mr. Joseph Groff Assistant U.S. Attorney U.S. Department of Justice P.O. Box 1588 Portland, Maine 04104	Whether the St. John's Brunswick Federal Credit Union Pension Trust, the Loring Federal Credit Union Pension Trust, the BIW Federal Credit Union Pension Trust, the Oxford Federal Credit Union Pension Trust, and the St. Famille Federal Credit Union Pension Trust are covered under title I of ERISA.
1983-57A 11/09/1983	Mr. Joseph Groff Assistant U.S. Attorney U.S. Department of Justice P.O. Box 1588 Portland, Maine 04104	Whether the Brunswick/Topsham Water District Pension Plan is covered under title I of ERISA.
1983-56A 11/09/1983	Mr. Joseph Groff Assistant U.S. Attorney U.S. Department of Justice P.O. Box 1588 Portland, Maine 04104	Whether the Keyes-Fibre Federal Credit Union Pension Trust is covered under title I of ERISA.
1983-55A 11/03/1983 3(1) 3(3) 3(4) 3(5) 3(7)	Mr. George Kelt Assistant U.S. Attorney U.S. Department of Justice 515 Rusk Avenue Houston, Texas 77002	Whether the Pipe Fitters Local Union No. 211 Welfare Trust Fund is covered under title I of ERISA.