This document outlines the fiduciary responsibilities and conditions under which an Investor Fiduciary can make a proposed purchase of an Interest, ensuring compliance with ERISA and the Code. It specifies the independence of the Investor Fiduciary from iCapital and its Affiliates, the discretionary authority to make purchases, and the identification of plan assets. It also addresses the permissibility of the purchase under governing documents and the consideration of diversification requirements. Additionally, it discusses exemptions from prohibited transaction rules and conditions for employee benefit plans and individual retirement accounts.
doj/DataSet10/EFTA01394308.pdf
{"document_type":"legal","document_subtype":"investment agreement","key_organizations":["iCapital","Department of Labor"],"reference_numbers":["Section 404(a)(1) of ERISA","Section 406(a) of ERISA","Section 4975(c)(1XA)—(D) of the Code","Department of Labor Regulations Section 2510.3-21(g)(5)"]}