Rynek pracy · 8/8/1997

Class Exemption for Collective Investment Fund Conversion Transactions

This document contains a final 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). The exemption permits 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) or plan adviser (the Plan Adviser) registered under the Investment Advisers Act of 1940 (the Advisers Act), that also 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 or Plan Adviser, in connection with a complete withdrawal of a Client Plan's assets from the CIF. The exemption affects participants and beneficiaries of the Client Plans that are involved in such transactions as well as the Bank or Plan Adviser and the Fund.