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Congress Overhauls ERISA Plan Asset and Prohibited Transaction Rules


By: Donald P. Carleen, Jonathan Lewis, Suzzanne H. Yao, Laraine S. Rothenberg, Dennis M. Machado

Congress has passed the Pension Protection Act of 2006 which contains far-reaching pension reform legislation covering a broad range of topics, including a revised definition of "plan assets" under ERISA and a number of statutory exemptions from the prohibited transaction rules of ERISA and the Internal Revenue Code. These changes will likely impact the relationships between investment managers and their U.S. pension plan clients, as well as the management of collective investment vehicles in which pension plans invest. The attached memorandum summarizes these changes and describes the potential benefits to investment managers and plans that will be available as a result. 

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