Has anyone out there heard of an "ERISA account" that is funded by an investment trustee for the benefit of a client. We have a company 401(K) and an outside consultant that we hired advised us to press our trustee to fund this kind of account for us to use to pay fees for a plan audit. The Trustee says no because this would be a prohibited transaction without any ERISA exemption. Our consultant says it's done all the time, but we haven't found any information on this being done.
Does anyone have any information on this kind of thing? Should we press for this?
QUOTE (carol lee @ Mar 16 2005, 03:03 PM)
...for the benefit of a client.
What does this mean?
What makes it an "ERISA" account?
Since it was the consultant who made the suggestion and also said that it was done all the time, it should be the consultant providing the references and proff rather than you looking for something that you are not sure what it is.
Since it was the consultant who made the suggestion and also said that it was done all the time, it should be the consultant providing the references and proff rather than you looking for something that you are not sure what it is.
Until we hear more, let's call him a "consultant". Let him earn the removal of the quotes.
Who and what decide what a "consultant" is?
And the difference between a "consultant" and a consultant.
Since these Message Boards are authority (aren't they?), then we get to decide.
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