Advisory Opinions

Requests for interpretations and other rulings under Title 1 of ERISA are handled by the Office of Regulations and Interpretations under the provisions established by ERISA Procedure 76-1. The office answers inquiries from individuals and organizations in the form of advisory opinions, which apply the law to a specific set of facts, or information letters, which merely call attention to well established principles or interpretations.

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**1976**
AO/ Date/ Reference	Recipient	Description of Request
1976-32 01/13/1976 404(a)(1)	Anonymous	Whether a bank, as a major secured creditor of an employer and trustee of the Plan, can lawfully continue to serve as trustee under ERISA, given the conflict of interest arising from its dual role as creditor and fiduciary under ERISA section 404(a)(1).
1976-31 04/28/1976	Anonymous	Whether the Pension Plan, as described in the letter, is subject to the minimum funding standards under ERISA for plan years beginning after July 12, 1976, based on its status as a plan maintained pursuant to a collective bargaining agreement as of January 1, 1974.
1976-28 01/19/1976	Anonymous	Whether a retired former employee could be rehired without having his pension benefits suspended by the International Union.
1976-21 01/09/1976 4(b)	Anonymous	Whether vacation plans where the funds to provide benefits are contributed solely by employees, are subject to the provisions of ERISA, and what specific reporting, disclosure, and trust requirements apply to these plans.
1976-20 03/30/1976	Anonymous	Whether the term "investment manager" under Section 3(38)(B) of ERISA includes a broker or dealer registered under the Securities and Exchange Act of 1934, based on the argument that such registration subjects the individual to more intensive regulation than registration under the Investment Advisers Act of 1940.
1976-19 03/10/1976 3(32) 4(b)(1)	Anonymous	Whether the plans established by the County Public Schools for its employees are covered under the provisions of ERISA, considering the exemption for governmental plans under Section 4(b) of Title I and the definition of "governmental plan" under Section 3(32) of ERISA.
1976-17 03/12/1976	Anonymous	Whether annuities purchased by a plan constitute plan assets under ERISA and how they should be valued, specifically in relation to the present value of future benefits minus present net premiums.
1976-16 01/26/1976 408(e)	Anonymous	Whether a proposed profit-sharing plan can purchase qualifying employer securities at book value from existing shareholders. The request seeks clarification on whether the proposed transaction qualifies for an exemption under Section 408(e), which relates to the acquisition or sale of securities by an eligible individual account plan.
1976-15 04/26/1976 3(21)(A) 406	Anonymous	Whether, under section 408(c)(3) of ERISA, an individual serving as a member of a committee which has the responsibility for managing plan assets, including the responsibility for appointing an investment manager for the assets of the plan, may continue to serve as a member of the board of directors of a trust company appointed by such committee to serve as such an investment manager.
1976-14 03/17/1976 3(14) 406 407	Anonymous	Whether the proposed construction and leasing of a building by one company’s profit sharing plan to another company is a prohibited transaction under Section 406(a)(1) ERISA and whether the transaction could be exempted under Section 408(e) as a qualifying employer real property transaction.