Advisory Opinions

Whether a $500.000 loan from an Individual Retirement Account (IRA) established by Thomas E. Darragh, a current employee, shareholder, and member of the Board of Directors, to Darragh Company would violate section 4975(c)(1)(B) of the Internal Revenue Code of 1986.

Whether Section 5 of Puerto Rico Act No. 17 of April 17, 1931 is preempted under the preemption provisions of section 514 of title I of ERISA insofar as Section 5 limits or prohibits payroll deductions for the purpose of funding the Employees’ Profit Sharing Plan of The First Boston Corporation, for the benefit of their employees performing services in the Commonwealth of Puerto Rico.

Whether a certain understanding contained in a Letter Agreement between the Chrysler Corporation and the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America, with respect to Chrysler's Pension Fund does not violate the fiduciary responsibility provisions of ERISA. The Letter Agreement is substantially similar to one entered into in 1979 by Chrysler and the UAW.

Whether the Shelby County Hospital Board Defined Benefit Pension Plan of the Shelby Medical Center is a governmental plan within the meaning of section 3(32) of title I of ERISA and thus excepted from ERISA title I requirements pursuant to section 4(b)(1) of ERISA.

Whether a proposed merger of the Xerox Corporation’s Long-Term Disability Income Plan and Medical Care Plan would violate sections 403(c)(1), 404(a), 406(a)(1)(D), and 406(b)(2) of the Employee Retirement Income Security Act of 1974 ("ERISA").

Whether a plan trustee of the A.F. of L. - A.G.C. Building Trades Pension and Welfare Plans, who is a full-time employee of an employer that no longer makes contributions to the Plans on behalf of its employees, may receive compensation from the Plans for services performed as trustee.

Whether the money purchase plan of the Lee County Public Schools is a governmental plan within the meaning of section 3(32) of title I of ERISA and is therefore excluded from coverage under that title by section 4(b)(1) of ERISA.

Whether a bank in the SunTrust system would not violate section 406(b) of ERISA by investing the assets of employee benefit plans for which SunTrust Banks, Inc. is a fiduciary in a common trust fund maintained by such bank or any other bank in the SunTrust system.

Whether the Dependent Care Assistance Plan of Tropical Plant Rentals, Inc. constitutes an employee welfare benefit plan within the meaning of section 3(1) of ERISA.

Whether the application of the prohibited transaction provisions of section 4975 of the Internal Revenue Code of 1986 applies to the purchases of stock of the parent of the Bank of Prattville by various self-directed individual retirement accounts (IRAs) sponsored by the Bank.