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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**1977**
AO/ Date/ Reference	Recipient	Description of Request
1977-78A 10/03/1977	Paul S. Berger, Esq. Arnold & Porter 1229 Nineteenth Street, NW Washington, DC 20036	Whether Victor Palmieri and Co. Inc., as an investment manager of the Central States, Southeast and Southwest Areas Pension Fund, will be acting in accordance with its fiduciary responsibilities under ERISA if it values real estate-related assets held by the fund in the manner described in the AO.
1977-77a 09/30/1977	Mr. David E. Watts Dewey, Ballantine, Bushby, Palmer & Hood 140 Broadway New York, NY 10005	Whether sections 205 and 206(a) apply to certain contracts issued by the Teachers Insurance and Annuity Association of America and College Retirement Equities Fund.
1977-76a 09/28/1977	Martin Gerber Vice President and Director UAW Budd Department 8000 East Jefferson Avenue Detroit, Michigan 48214	Whether a new, collectively bargained retirement agreement constitutes a termination of a previous retirement agreement.
1977-75a 09/21/1977	John K. Wright, Esq. Protective Life Insurance Co. P.O. Box 2606 Birmingham, Alabama 35202	Whether a pension plan for full-time employees that the company views as independent contractors is a “plan without employees” and therefore not subject to the provisions of ERISA.
1977-74 09/21/1977 3(2)	Garland F. Smith Chairman of the Board Mid Valley State Bank Weslaco, Texas 78596	Whether the Mid Valley State Bank Fund is a pension plan subject to the provisions of ERISA and therefore must comply with ERISA’s reporting and disclosure requirements.
1977-73a 09/20/1977 3(2)	Mr. Scott L. Grzybowski 210 Tower Place 3340 Peachtree Road, N.E. Atlanta, Georgia 30326	Whether either of two bonus programs would be deemed pension plans within the meaning of ERISA, whether an employer may make checks payable to financial institutions in the amount of an employee’s bonus, and whether the employer may negotiate financial institution fees related to IRAs.
1977-72 09/19/1977 3(1) 3(2)	Unknown	Whether a supplemental termination benefits program is a pension plan and if it is, whether elimination of an annuity purchase feature would remove it from such classification and make it a welfare plan.
1977-71 09/19/1977 3(7)	Unknown	Whether an association is required to furnish members of its travel insurance program with copies of the summary plan description.
1977-69/70A 09/16/1977 406(b)(1)	Paul S. Berger, Esq. Arnold & Porter 1229 Nineteenth Street, NW Washington, DC 20036	Whether the Equitable Life Assurance Society of the United States, as a named fiduciary and investment manager for Central States, Southeast and Southwest Areas Pension Fund, is liable for the acts and omissions of the other investment managers of the fund; whether it can serve as an investment manager for the fund even though it’s a named fiduciary; and whether it will be liable if it reallocates investment manager responsibility for any real estate-related assets to the other investment manager.
1977-68a 09/09/1977 3(21)(A)	Paul S. Berger, Esq. Arnold & Porter 1229 Nineteenth Street, NW Washington, DC 20036	Whether Victor Palmieri and Co. Inc. is a fiduciary with respect to assets of the Central States, Southeast and Southwest Areas Pension Fund that it doesn’t manage.