McDermott Will & Schulte, a global law firm

In their article published in the Benefits Law Journal titled, “Changes to ERISA’s Qualified Professional Asset Manager Exemption,” Schulte Roth & Zabel partners David Cohen and Ian Levin discuss the final amendments issued by the US Department of Labor (“DOL”) to its Qualified Professional Asset Manager (“QPAM”) Exemption.

The DOL has recently taken significant regulatory and administrative actions affecting how investment advisers manage and advise employee benefit plans subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and individual retirement accounts (“IRAs”). In early April, the DOL issued final amendments to its QPAM Exemption, a prophylactic prohibited transaction class exemption utilized by investment advisers managing assets of ERISA plans and IRAs.