We regularly negotiate investment management and advisory agreements on behalf of retirement plans, as well as instruments governing alternative investments, including subscription agreements to private placement memorandums. In the negotiation and review of the foregoing instruments, we often prepare side letter agreements to ensure that our plan clients receive the most preferable terms available, and to ensure that the investment structures are consistent with the plan’s statement of investment policy and applicable law. We advise fiduciaries on the ERISA plan assets rule, and when exceptions, such venture capital operating company (VCOC) and real estate operating company (REOC) exceptions, apply. Further, we analyze investments for prohibited transactions under ERISA and State law.
We have authored prohibited transaction exemptions issued by the Employee Benefit Security Administration on behalf of a multiemployer pension fund as well as articles on fiduciary responsibility and prohibited transactions. Trest is highly experienced in creating collective investment trusts and providing counsel on investment advice exemptions. Trest’s experience includes providing counsel to investment advisors, and others in the financial services industry, as well as to plan sponsors. In this regard, we have been engaged by a national full-service advisory firm to revise all of the investments instruments to comply with the Securities and Exchange Commission’s recent Regulation Best Interest. We authored of the Model Investment Management Agreement used by Deere & Co.