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ARTICLE · 30 JULY 2013

DOL Clarifies Revenue Sharing Fiduciary Responsibility Issues

Morgan Lewis
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The U.S. Department of Labor has recently issued Advisory Opinion 2013-03A, which discusses whether a bookkeeping account for revenue sharing payments constitutes "plan assets" under the Employee Retirement Income Security Act.

United StatesEmployment and HR
Julie Stapel
Julie Stapel
R. Tracht
R. Tracht
Michael Richman
Michael Richman
Craig A. Bitman
Craig A. Bitman

Advisory opinion on "plan asset" issue lays out factors for fiduciary consideration.

On July 3, the U.S. Department of Labor (DOL) issued Advisory Opinion 2013-03A, which discusses whether a bookkeeping account for revenue sharing payments constitutes "plan assets" under the Employee Retirement Income Security Act (ERISA). In the opinion, the DOL also takes the opportunity to outline the responsibilities of plan fiduciaries in deciding whether to approve revenue sharing arrangements on behalf of their plans. Sponsors and fiduciaries of plans that participate in revenue sharing arrangements should review the arrangements to confirm that the factors described by the DOL have been taken into account.

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