HOUSE_OVERSIGHT_024095.jpg
1.78 MB
Extraction Summary
3
People
3
Organizations
0
Locations
0
Events
2
Relationships
3
Quotes
Document Information
Type:
Legal/financial document (likely private placement memorandum or partnership agreement)
File Size:
1.78 MB
Summary
This document page (labeled confidential, page 84) outlines the regulatory compliance framework for 'the Fund' regarding ERISA (Employee Retirement Income Security Act). It details the General Partner's authority to restrict 'benefit plan investors' to avoid the Fund's assets being classified as 'plan assets,' and advises prospective investors, including governmental and church plans, to consult legal counsel regarding liability and reporting requirements (specifically IRS Form 5500). The document bears a House Oversight Committee Bates stamp.
People (3)
| Name | Role | Context |
|---|---|---|
| General Partner | Fund Manager |
Has authority to limit investments and require withdrawals to maintain ERISA compliance.
|
| Limited Partner | Investor |
May be required to withdraw from the Fund if necessary for compliance.
|
| Decision-makers | Fiduciary |
For governmental or church plans, advised to consult counsel.
|
Organizations (3)
| Name | Type | Context |
|---|---|---|
| The Fund |
The entity being invested in, subject to ERISA regulations.
|
|
| ERISA |
Employee Retirement Income Security Act.
|
|
| House Oversight Committee |
Indicated by Bates stamp 'HOUSE_OVERSIGHT'.
|
Relationships (2)
General Partner can require Limited Partner to withdraw from the Fund.
Benefit plan investors may be required to report compensation paid by the Fund.
Key Quotes (3)
"The General Partner has the authority to require a Limited Partner to withdraw from the Fund (in whole or in part) where the General Partner determines that such withdrawal is necessary to avoid having the Fund’s assets deemed to be 'plan assets' subject to ERISA"Source
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Quote #1
"Accordingly, the Fund is not expected to be deemed to be holding 'plan assets' subject to ERISA at any time."Source
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Quote #2
"Each prospective investor subject to ERISA should consult with its own legal counsel concerning the implications under ERISA of an investment in the Fund"Source
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Quote #3
Full Extracted Text
Complete text extracted from the document (2,396 characters)
ERISA Plan for purposes of ERISA. In particular, the General Partner will use reasonable best efforts to either (i) limit investment in the Fund by "benefit plan investors" to a level that would not be considered "significant" under ERISA, or (ii) operate the Fund as a VCOC, or (iii) operate the Fund in compliance with any other then-available exception to the general rule of plan asset treatment. The General Partner has the authority to require a Limited Partner to withdraw from the Fund (in whole or in part) where the General Partner determines that such withdrawal is necessary to avoid having the Fund's assets deemed to be "plan assets" subject to ERISA or Section 4975 of the Code. Accordingly, the Fund is not expected to be deemed to be holding "plan assets" subject to ERISA at any time.
Reporting
Benefit plan investors may be required to report certain compensation paid by the Fund (or by third parties) to the Fund's service providers as "reportable indirect compensation" on Schedule C to the Form 5500 Annual Return (the "Form 5500"). To the extent any compensation arrangements described herein constitute reportable indirect compensation, any such descriptions are intended to satisfy the disclosure requirements for the alternative reporting option for "eligible indirect compensation," as defined for purposes of Schedule C to the Form 5500.
Additional Information
ERISA and its accompanying regulations are complex and, to a great extent, have not yet been interpreted by the courts or the administrative agencies. This discussion does not purport to constitute a thorough analysis of ERISA. Each prospective investor subject to ERISA should consult with its own legal counsel concerning the implications under ERISA of an investment in the Fund, and to confirm that such an investment will not constitute or result in a non-exempt prohibited transaction or any other violation of an applicable requirement under ERISA.
"Governmental plans" and certain "church plans", while not subject to the fiduciary responsibility and prohibited transaction provisions of ERISA, may nevertheless be subject to state or other federal laws that are substantially similar to the foregoing provisions of ERISA. Decision-makers for any such plans should consult with their counsel before making an investment in the Fund.
84
CONTROL NUMBER 257 - CONFIDENTIAL
HOUSE_OVERSIGHT_024095
CONTROL NUMBER 257 - CONFIDENTIAL
HOUSE_OVERSIGHT_024095
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