January 15, 2015 - News

Alan Lebowitz and Bill Ryan Testify Before the Employee Benefits Security Administration, Department of Labor

Alan D. Lebowitz, Senior Advisor of Evercore Trust Company, and Bill Ryan, Chief Fiduciary Officer, testified before the Employee Benefits Security Administration, Department of Labor (“EBSA”) today regarding a proposed exemption (the “Proposed Exemption”) involving US-based investment management affiliates of Credit Suisse AG (the “Credit Suisse QPAMs”).    As a result of Credit Suisse AG’s conviction for income tax evasions in 2014, the Credit Suisse QPAMs, absent exemptive relief by EBSA, would lose their ability to qualify as QPAMs (as defined in ERISA Prohibited Transaction Exemption 84-14).  Evercore Trust has been engaged as the “Independent Auditor” charged with determining whether each Credit Suisse affiliated QPAM has developed, implemented, maintained, and followed Policies in accordance with the conditions of the Proposed Exemption and developed and implemented the fiduciary training.  A copy of the testimony can be found here.