Since ERISA’s enactment in the 1970s, the structured finance market has experienced significant development, more than the drafters likely could have ever envisioned. The Department of Labor has addressed many of these developments through a patchwork of amendments and exemptions; however, there remain some ambiguities among various provisions and exemptions as well as unforeseen impediments that in certain circumstances have the potential to limit otherwise suitable investment opportunities for pension plan clients.
Accordingly, the Association formed an ERISA Task Force as a forum to discuss issues relating to ERISA regulations with a current focus on:
- Reviewing ERISA provisions as they relate to structured finance and how the industry is interpreting and implementing these rules and, if deemed necessary, engaging with the Department of Labor for further guidance
- Standardizing, where appropriate, ERISA disclosure provided in securitization offering documents