ERISA Technical Release No. 86-1

This document is about providing guidance from the U.S. Department of Labor's Pension and Welfare Benefits Administration on the application of ERISA's fiduciary responsibility provisions to "soft dollar" and directed commission arrangements. It discusses how such arrangements may or may not comply with ERISA's prohibited transaction rules, and the responsibilities of plan fiduciaries in monitoring investment managers' use of soft dollars and directed brokerage.