Starting in 2012 when a Department of Labor amendment of the Qualified Professional Asset Manager (“QPAM”) prohibited transaction class exemption became effective, a new requirement was imposed on financial firms when managing assets of ERISA plans they maintain for their own employees. These firms now must undergo an annual compliance audit with respect to their plan related investment activities if they want to be able to rely upon the QPAM exemption from the prohibited transaction rules of Section 406(a) of ERISA.
Given the newness of this requirement, and with a June 30, 2013, deadline for audit completion generally pending, affected financial firms are wrestling with many questions about how the QPAM compliance audit process works. In this session, counsel and compliance officers at asset management firms will learn what needs to be done to comply with this important regulation and practical, nuts and bolts considerations that may need to be addressed.
Employee Benefits Partner Howard Pianko joins an inter-disciplinary team of speakers to address:
- Why and when the QPAM audit is required;
- What are the applicable DOL requirements;
- What a compliance audit means from the accounting perspective;
- Documents and data that must be provided to the audit team;
- Sampling and testing aspects of the audit;
- Correcting any identified deficiencies; and
- Using the results to enhance fund governance.
For more information and to register, click here.