Rynek pracy · 13.11.1996

Proposed Class Exemption for Bank Collective Investment Fund Conversion Transactions

This document contains a notice of pendency before the Department of Labor (the Department) of a proposed class exemption from certain prohibited transaction restrictions of the Employee Retirement Income Security Act of 1974 (the Act or ERISA) and from certain taxes imposed by the Internal Revenue Code of 1986 (the Code). If granted, the proposed exemption would permit an employee benefit plan (the Client Plan) to purchase shares of a registered investment company (the Fund), the investment adviser for which is a bank (the Bank) that serves as a fiduciary of the Client Plan, in exchange for plan assets transferred in-kind to the Fund from a collective investment fund (the CIF) maintained by the Bank. The proposed exemption, if granted, would affect participants and beneficiaries of the Client Plans that are involved in such transactions as well as the Bank and the Fund.