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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**2007**
AO/ Date/ Reference	Recipient	Description of Request
2007-07A 12/21/2007 2509.94-2 404(a)(1)	Thomas J. Donohue President and CEO U.S. Chamber of Commerce 1615 H Street, NW Washington, DC 20062-2000	This letter addresses the impermissible use of pension plan assets to further public policy and political activities through proxy resolutions that have no connection to enhancing the value of a plan’s investment in a company, further clarifying the application of Interpretive Bulletin 94-2 (29 CFR § 2509.94-2).
2007-06A 08/16/2007 514(b)(6)(A)	Edward L. Wender Venable LLP Two Hopkins Plaza, Suite 1800 Baltimore, MD 21201-2978	Whether the Custom Rail Employer Welfare Trust Fund is an "employee welfare benefit plan" within the meaning of section 3(1) of ERISA, and whether it is a "multiple employer welfare arrangement" (MEWA), within the meaning of section 3(40), that is "fully insured" within the meaning of section 514(b)(6)(A) of ERISA.
2007-05A 08/15/2007 3(40) 514(b)(6)	The Honorable Catherine Cortez Masto Attorney General Nevada Department of Justice 555 East Washington Avenue Las Vegas, Nevada 89101-1088	Whether an employee benefit arrangement sponsored by Payroll Solutions Group Limited constitutes a "multiple employer welfare arrangement" within the meaning of section 3(40) of ERISA subject to regulation under the insurance laws of the State of Nevada pursuant to section 514(b)(6) of ERISA.
2007-04A 07/18/2007 406	J. Jerome Coogan, Esq. Coogan, Smith, McGahan, Lorincz, Jacobi & Shanley, LLP 144 Bank Street, P.O. Box 2320 Attleboro, MA 02703	Whether reimbursements of certain monies by a training plan to local unions that are parties in interest to such plan would be a prohibited transaction under ERISA section 406.
2007-03A 06/08/2007 408(b)(8)	John J. Cleary, Esq. Goodwin Procter LLC Exchange Place Boston, MA 02109	Whether a U.S. branch of a foreign bank qualifies as a "bank or trust company" for purposes of exemptions provided under ERISA section 408(b)(8) and PTE 91-38.
2007-02A 02/26/2007 PTE 84-14	Melanie Franco Nussdorf, Esq. Steptoe & Johnson LLP 1330 Connecticut Ave NW Washington DC 20036	Whether the 10% test applicable to pooled investment vehicles under the QPAM class exemption (84-14) does not require consideration of any underlying plan investors in a pooled fund investing in another pooled fund.
2007-01A 01/22/2007 PTE 84-14	Melanie Franco Nussdorf, Esq. Steptoe & Johnson LLP 1330 Connecticut Ave NW Washington DC 20036	Whether transactions between a broker-dealer and a separate account managed by a QPAM under a 401(k) plan fail to satisfy section I(a) of PTE 84-14 where plan participants investing in such account receive investment allocation advice from a subsidiary of the broker-dealer.

**2006**
AO/ Date/ Reference	Recipient	Description of Request
2006-09A 12/19/2006 4975( c)(1)(A) 4975( c)(1)(B)	Edward A. Appelt 24 Winslow Drive Pittsburg, PA 15229	This advisory opinion concludes that a self-directed IRA‘s investment in notes of a corporation, a majority of whose stock is owned by the son-in-law of the IRA owner, would be a prohibited transaction under the Internal Revenue Code.
2006-08A 10/03/2006 404(a)	Donald J. Myers, Esq. Reed Smith LLP 1301 K Street, N.W. Suite 1100-East Tower Washington, D.C. 20005-3373	Whether a fiduciary of a defined benefit plan may, consistent with the requirements of section 404 of ERISA, consider the liability obligations of the plan and the risks associated with such liability obligations in determining a prudent investment strategy for the plan.
2006-07A 08/15/2006 PTE 91-38	Stephen M. Saxon, Esq. Groom Law Group 1701 Pennsylvania Avenue, N.W. Washington, D.C. 20006-5811	Whether Chevy Chase Trust Company (CCTC) would be considered a bank, and whether certain collective investment funds for which CCTC acts as trustee would be considered to be maintained by a bank for purposes of PTE 91-38.