Advisory Opinions

Regarding the application of ERISA to trustees' amendment of a plan to permit a retroactive contribution to the plan fund on behalf of an owner of a corporation that contributes to the fund as an employer. Whether such owner who performed work for his own corporation that would otherwise be covered by a collective bargaining agreement if he were not a "supervisor" under federal labor law is an "employee," within the meaning of section 3(6) of ERISA, for purposes of participation under the plan.

PTE 92-6 covers the sale, by an employee benefit plan, of a second to die life-insurance policy to two participants who are husband and wife and who are the insured under the policy. The letter also clarifies that the conditions of PTE 92-6 remain the same despite the amendments to the Internal Revenue Code regarding the tax treatment of certain life-insurance policies distributed from employee benefit plans.

Whether the transfer of residual assets from a terminated MEWA that is also a plan to a VEBA that provides health and life insurance benefits to the employees of the entity that sponsored both the MEWA and the VEBA constitutes an improper inurement of plan assets for the benefit of an employer in violation of section 403, or a prohibited transaction under section 406.

Whether a lease by a company (LLC) 49% owned by an IRA to a company (S) which is a disqualified person with respect to that IRA is a prohibited transaction where the manager of the LLC is an officer of S. Whether 29 CFR 2509.75-2 makes the transaction an indirect prohibited transaction and whether it makes the transaction a violation of the Internal Revenue Code's exclusive benefit rule.

Whether the Tennessee Independent Colleges and Universities Association Benefit Consortium, Inc. Health Plan is an "employee welfare benefit plan" within the meaning of section 3(1) of ERISA that is maintained by a "group or association of employers" within the meaning of section 3(5) of ERISA.

Whether the Wisconsin Association of Independent Colleges and Universities Association Benefits Consortium, Inc. Health Plan is an "employee welfare benefit plan" within the meaning of section 3(1) of ERISA that is maintained by a "group or association of employers" within the meaning of section 3(5) of ERISA.

ADVISORY OPINION 2005-23A HAS BEEN WITHDRAWN.  PLEASE SEE DISCUSSION OF ROLLOVERS IN FINAL, INVESTMENT ADVICE FIDUCIARIES

Whether a financial consultant hired by a participant in a 404(c) plan to provide investment advice or management is a fiduciary and provides investment advice within the meaning of section 3(21) when he advises the participant to take a withdrawal in order to invest the assets in an investment not available under the plan, and whether the advisor engages in a prohibited transaction if the recommended investment pays an additional fee to the advisor.

Whether each division of a separate account would itself be a "separate account" as defined in section 3(17) of ERISA where the income, gains and losses attributable to the assets of each division, whether or not realized, are credited to or charged against the assets invested in that division and not to the assets of any other division or to the insurer’s general account and without regard to other income, gains or losses of other divisions or the insurer’s general account.

Whether the status of the Utah Transit Authority Hourly Employees Retirement Plan as a "governmental plan" within the meaning of section 3(32) of ERISA would be adversely affected if it were amended to allow two transit authority employees to continue to participate while on leave of absence to perform duties as full-time elected officials of the labor union representing transit authority employees who participate in the Plan.

Whether the Dunkin' Donuts Franchisee & Distribution Center Health Plan is a MEWA as defined in ERISA section 3(40) and whether it is "fully insured" within the meaning of ERISA section 514(b)(6)(d).