Advisory Opinions

Whether the furnishing of goods and services by a United Technologies Corporation (UTC) subsidiary for the repair and maintenance of real property acquired by the Plans maintained by UTC and its subsidiaries is not prohibited by section 406(a) of ERISA where the arrangements for the goods and services are made by a tenant under an absolute-net lease for the property and where the lease requires the tenant to repair and maintain the property; whether services necessary for the maintenance and repair of real property investments that the Plans may acquire qualify as "services necessary for the establishment or operation of the plan …" within the meaning of section 408(b)(2) of ERISA and 29 CFR 2550.408b-2(b); and whether arrangements made with a UTC subsidiary by a tenant under an absolute-net lease or by an independent property manager for maintenance or repair of real property investments of the Plans are not prohibited by section 406(b) of ERISA.

Whether the decision by Plan trustees to select an investment vehicle knowing that such selection would result in the retention of John Hancock Venture Capital Management, Inc. (the Manager), a party in interest, to provide investment and managerial services and the receipt of a management fee by the Manager from John Hancock Mutual Life Insurance Company (John Hancock), the sponsoring employer of the Plan violates section 406(b).

Whether the Collective Bargaining Agreement Clinic Plan and the Collective Bargaining Agreement Blue Cross Plan covering employees working under a collective bargaining agreement between the Bacardi Corporation, San Juan, Puerto Rico and the Congress of Industrial Unions of Puerto Rico are employee welfare benefit plans within the meaning of section 3(1) of title I of ERISA, and clarification of the term “administrator” within the meaning of ERISA section 3(16) as applied thereto.

Whether the Production Participation Plan of Cibola Energy Corporation which makes yearly payments to individuals from the income from the royalties on certain oil and gas leases is not covered under title I of ERISA.

Whether the New Jersey Society of Certified Public Accountants (NJSCPA) Insurance Trust constitutes an "employee welfare benefit plan" subject to title I of ERISA, and (2) if not, whether an "accounting organization Subscriber" which constitutes an employer within the meaning of section 3(5) of ERISA and whose employees are covered by the NJSCPA Insurance Trust will be considered to be maintaining an employee welfare benefit plan by participating in the NJSCPA Insurance Trust, and whether the Trustees of the NJSCPA are subject to the bonding requirements of section 412 of ERISA or the reporting and disclosure requirements of part 1 of ERISA in the event such an "accounting organization Subscriber" participates in the NJSCPA Insurance Trust.

Whether certain procedures for the reporting and valuing of assets deposited with an insurance company in a Guaranteed Investment Contract (GIC) under which both principal and interest would be guaranteed and the accumulated fund payable in a lump sum at the end of a stated period are in accordance with existing reporting requirements of ERISA.

Whether section 1316 of the New York Abandoned Property Law (related to unclaimed insurance proceeds other than life insurance) is preempted under section 514 of title I of ERISA.

Whether the transfer of seed money from Lincoln National Pension Insurance Company's separate accounts to its general account will not, solely by reason of such transfer, be deemed to involve a violation of any of the prohibited transaction restrictions of ERISA, particularly sections 406(a)(1)(A) and (D) and sections 406(b)(1) and (2).

Whether the Salary Continuance Plan (the Program) of Cummins Engine Company (the Company) constitutes a mere payroll practice within the meaning of regulation 29 C.F.R. §2510.3-1(b)(2) and is thus excluded from title I of ERISA.

Whether the Wisconsin Association Insurance Trust is an employee welfare benefit plan covered by title I of ERISA.