DOL Recent Amendment to the QPAM Exemption: Key Provisions and Challenges for Asset Managers and ERISA Plan Sponsors

Mr. Olstein’s practice focuses on the fiduciary responsibility provisions of ERISA and the prohibited transaction excise tax provisions of the Internal Revenue Code. He has an extensive background advising financial institutions, plan sponsors, and investment committees on ERISA matters, including compliance with ERISA’s fiduciary duty and prohibited transaction rules, in connection with the investment of pension plan assets. Mr. Olstein regularly advises fund sponsors on the application of ERISA’s “plan asset” rules as they relate to the establishment and operation of private investment funds. From representing issuers and underwriters in connection with marketing securities to investors, to advising plan sponsors and independent fiduciaries in connection with the selection of annuity providers, he offers substantial experience at the intersection of ERISA and fiduciary responsibility. Mr. Olstein is an active member of the American Bar Association’s Section of Taxation and the New York City Bar Associati

Mr. Kaleda has more than two decades of experience advising financial services and insurance firms on complex ERISA Title I matters, with a focus on fiduciary compliance, investment structures and regulatory strategy. He counsels plan sponsors, investment managers, insurers, broker-dealers, banks, recordkeepers and other financial institutions on a wide range of ERISA and Internal Revenue Code issues. Mr. Kaleda's practice includes advising on fiduciary obligations, prohibited transaction rules and the structuring of alternative investment vehicles, such as plan asset funds, real estate operating companies (REOCs) and venture capital operating companies (VCOCs). He regularly assists clients in navigating Department of Labor regulations, including obtaining advisory opinions and exemptions. Mr. Kaleda is widely recognized in the ERISA and financial services communities for his thought leadership. He has authored a bimonthly “Compliance Consult” column for PlanAdviser magazine and contributes frequently to publications, such as The Investment Lawyer, Employee Benefit News and Plan Sponsor Magazine. Mr. Kaleda is a sought-after speaker on fiduciary and regulatory topics and has been quoted in leading industry outlets including on Wall Street and Financial Adviser.

Mr. Ryan is a partner in the Executive Compensation & Employee Benefits Department, specializing in ERISA Title I matters. He advises plan sponsors and plan service providers with respect to a range of fiduciary issues arising under ERISA and the Internal Revenue Code, including Department of Labor guidance and regulations. Mr. Ryan's work focuses on a variety of investment-related matters, including issues arising under the fiduciary and prohibited transaction provisions of ERISA related to the structure, design, and implementation of various investment products, such as private equity, real estate, hedge funds, commodity and real assets funds, and many others. He has substantial experience applying ERISA’s prohibited transaction rules to these types of investment products. In addition to his transactional work, he represents clients in DOL enforcement actions and investigations. Mr. Ryan has been recognized as a leading lawyer in Chambers USA (2023) for Employee Benefits & Executive Compensation (District of Columbia).