Independent special fiduciary for many of the most complex exemptions granted by the DOL

Independent Fiduciary Roles

Prohibited Transaction Exemptions

The United States Department of Labor (DOL) has the authority to grant administrative exemptions from all or part of the prohibited transaction provisions of ERISA on an individual or class basis. These exemptions allow specified transactions to occur without liability under ERISA or the imposition of excise tax under the Internal Revenue Code. In order to safeguard the interests of the plan, these exemptions often require the retention of a qualified independent fiduciary. The independent fiduciary is generally responsible for determining whether the proposed transaction is in the interest of the plan and its participants and beneficiaries and for monitoring compliance with specified conditions of the exemption.

Over the last 15 years, the Evercore Trust team has served as an independent fiduciary on behalf of employee benefit plans on more exemptions than the next two competing firms combined, including many of the most complex exemptions granted by the DOL to large financial institutions and Fortune 500 corporations. These prohibited transaction exemptions have permitted transactions including in-kind contributions, in-kind redemptions, captive reinsurance arrangements, sale of assets to plans, rights offerings, demutualizations, sale/leasebacks of real estate, and the provision of services to plans, and addressed issues arising out of the consolidation of financial institutions.

The table below highlights many of the individual and EXPRO prohibited transaction exemptions granted or proposed by the DOL in which the Evercore Trust team has served as an independent fiduciary.*

PTE ID Applicant Subject MatterDate Published
2016-09 Sears Holdings Savings Plan and Sears Holdings Puerto Rico Savings Plan Rights Offering10/19/2016
D-11825 ABARTA, Inc. In Kind Contribution (Real Property) 5/12/2016
2015-14Credit Suisse AGQualified Professional Asset Manager10/2/2015
2014-11Credit Suisse AGQualified Professional Asset Manager11/18/2014
2013-12Sears Holdings Savings Plan, Sears Holdings Puerto Rico Savings Plan, and The Lands' End, Inc. Retirement PlanRights Offering11/7/2013
2013-16The Coca Cola Company and Red Re, Inc.Captive Reinsurance3/29/2013
2013-01UBS Financial Services, Inc.Correction (Principal Transactions)3/29/2013
2012-12Weyerhaeuser Company and Federalway Asset Management LPIn Kind Contribution (Intangible Assets)6/1/2012
2012-09BlackRock, Inc. Financial Consolidation (25 Covered Transactions)4/2/2012
2012-06EnPro Industries, Inc.In Kind Contribution (Annuity)3/30/2012
2012-05HSBC North AmericaRights Offering3/30/2012
2011-17BlackRock, Inc.Financial Consolidation (25 Covered Transactions)8/15/2011
2010-22CUNA Mutual Pension Plan for Represented Employees et alIn Kind Contribution (Private Equity)7/2/2010
2010-11The Coca Cola Co.Captive Reinsurance4/2/2010
09-05EThe Bank of New York Mellon CorporationIn Kind Redemption3/25/2009
2009-26M&T Bank Corp. Pension PlaIn Kind Redemption9/25/2009
2009-25Barclays Global Investors NA et alFinancial Consolidation (Principal Trading, Indices)9/1/2009
2009-14UBS AG and its affiliates et al (entitlements and subscription rights)Rights Offering5/6/2009
2009-11Amendment to PTE 1999-34 involving the Chase Manhattan Bank/JPMorgan Chase Bank National AssociationFinancial Consolidation (Securities Lending)3/26/2009
2009-01Calpine Corp.Rights Offering1/29/2009
08-17EDPWN Holdings (USA) IncCaptive Reinsurance12/22/2008
08-16EAstraZeneca Pharmaceuticals LP and AstraZeneca LPCaptive Reinsurance12/20/2008
08-02EWachovia Corporation Pension PlanIn Kind Redemption3/3/2008
2008-04GE Asset Management Inc.In Kind Redemption3/13/2008
2007-04Mellon Financial Corp. et alIn Kind Redemption3/20/2007
06-08EMercer Trust Company et alIn Kind Redemption3/15/2006
06-06ERaytheon Savings & Investment PlanRights Offering2/12/2006
06-02EAstra Zeneca Pharmaceuticals and AZ-Mont Insurance Co. Life Insurance & AD&D PlanCaptive Reinsurance1/5/2006
06-01EAstra Zeneca Pharmaceuticals and AZ-Mont Insurance Co. Long term Disability PlanCaptive Reinsurance1/5/2006
05-12ERaytheon Savings and Investment PlanIn Kind Contribution (Warrants)7/13/2005
05-08EFederal-Mogul Corp. Salaried Employee's Investment ProgramIn Kind Contribution (Warrants)4/8/2005
05-07EFederal-Mogul Corp. Employee Investment ProgramIn Kind Contribution (Warrants)4/8/2005
05-06EFederal-Mogul Corp. 401(k) Investment ProgramIn Kind Contribution (Warrants)4/8/2005
2005-16Wachovia Corp.In Kind Redemption12/28/2005
2005-04Wheeling Pittsburgh Corp. and the Wheeling Pittsburgh Steel Corp.In Kind Contribution (Employer Stock)2/3/2005
04-17EALCON Laboratories Inc.Captive Reinsurance8/19/2004
2004-12Svenska Cellulosa AktiebolagetCaptive Reinsurance7/7/2004
2004-11Pan American Life Insurance Corp.In Kind Redemption7/7/2004
2004-10DuPont Capital Management Corp.In Kind Redemption7/7/2004
03-32EInternational Paper CompanyCaptive Reinsurance11/7/2003
2002-20Union Bank of CaliforniaIn Kind Redemption3/28/2002
2002-09Prudential Insurance Co. of AmericaDemutualization2/5/2002
2001-42Columbia Savings PlansRights Offering10/22/2001
2001-38The Savings Plan for Employees of Florida Progress Corp. (contingent value obligations)In Kind Contribution (CVOs)10/22/2001
2001-36Principal Mutual Holding Co.Demutualization9/27/2001
2001-22Phoenix Home Life Mutual Insurance Co.Demutualization6/28/2001
2001-17Indianapolis Life Insurance Co. et alDemutualization5/4/2001
2000-57Sun Life Insurance Co.Demutualization11/13/2000
2000-09The FINA Inc. Capital Accumulation Plan(warrants)In Kind Contribution (Warrants)2/29/2000
2000-06John Hancock Mutual Life Insurance Co.Demutualization2/8/2000
1998-51US West Inc. et alIn Kind Contribution (Employer Stock)11/9/1998
1998-35Amalgamated Bank of New YorkProvision of Services to Plans7/8/1998
1997-35ILGWU National Retirement Fund et alProvision of Services to Plans7/31/1997
1995-85Retirement Plan for Employees of Automobile Club of New York, Inc.Purchase by Plan of Real Property with Leaseback9/21/1995
1995-25General Motors Hourly Rate Employee Pension PlanIn Kind Contribution (Employer Stock)3/15/1995
1993-70The Amalgamated Insurance Fund--Insurance Fund; The Amalgamated Cotton Garment and Allied Industries Fund--Insurance Fund; The Amalgamated Neckwear Workers Insurance Fund--Social Insurance Fund; The Amalgamated Retail Insurance Fund, et al.Provision of Services to Plans9/30/1993
1993-50Memorex Telex Employees' Pension PlanPurchase by Plan of Employer Stock8/4/1993
1993-38Citizens First National Bank of New Jersey, Employee Stock Ownership PlanRights Offering6/29/1993

* Table updated as of October 19, 2016.