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ARTICLE · 19 AUGUST 2015

What Private Equity Funds Should Know About ERISA

McDermott Will & Emery
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The Employee Retirement Income Security Act of 1974, as amended (ERISA) imposes numerous duties on fiduciaries holding employee benefit plan assets.

United StatesEmployment and HR
Joseph Urwitz
Joseph Urwitz
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Basics of ERISA Coverage

The Employee Retirement Income Security Act of 1974, as amended (ERISA) imposes numerous duties on fiduciaries holding employee benefit plan assets. This includes the manager of a private equity fund who is responsible for investing the assets of a fund that holds plan assets. Failure to follow fiduciary duties can result in lawsuits, Department of Labor (DOL) investigations and penalty taxes, for which fiduciaries may be personally liable.

Under ERISA, individuals who i) exercise authority or control respecting the management or control of ERISA plan assets, or ii) give investment advice for a fee or other compensation with respect to the assets of an ERISA plan, or have any authority or responsibility to do so, are ERISA fiduciaries.

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