Asset Manager Exemption Shifts May Prove Too Burdensome

By Erica Rozow, George Gerstein and Jeanne Annarumma (May 14, 2024, 4:02 PM EDT) -- Firms that provide investment management services to Employee Retirement Income Security Act-covered plans, individual retirement accounts and other plans subject to Section 4975 of the Internal Revenue Code, as well as funds or accounts that hold plan assets — each an ERISA account — must manage the account in accordance with fiduciary duties and rely on an exemption to avoid violating complex prohibited transaction rules....

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