Benefit Plan Investor. The term Benefit Plan Investor means a benefit plan investor within the meaning of ERISA Section 3(42) and U.S. Department of Labor Regulation 29 C.F.R. Section 2510.3-101, which includes: (a) any employee benefit plan (as defined in Section 3(3) of ERISA) subject to the fiduciary responsibility provisions of Title I of ERISA; (b) any plan to which Code Section 4975 applies (which includes a trust described in Code Section 401(a) which forms a part of a plan, which trust or plan is exempt from tax under Code Section 501(a), a plan described in Code Section 403(a), an individual retirement account described in Code Sections 408(a) or 408A, an individual retirement annuity described in Code Section 408(b), a medical savings account described in Code Section 220(d), a health savings account described in Code Section 223(d) and an education savings account described in Code Section 530); and (c) any entity (including a corporation, partnership, limited liability company, trust or association) whose underlying assets include plan assets by reason of a plan’s investment in the entity (generally because 25 percent or more of a class of interests in the entity is owned by plans, excluding in such 25 percent calculation any interests in the entity held by a person (other than a Benefit Plan Investor) with discretionary authority or control over the assets of the Investor or held by any affiliate of such person). Any entity described in this section (c) will be generally considered to include plan assets only to the extent of the percentage of the equity interests in the entity held by plans described in (a) and (b) above. Benefit Plan Investors also include that portion of any insurance company’s general account assets that are considered “plan assets” and (except to the extent the entity is an investment company registered under the Investment Company Act) the assets of any insurance company separate account or bank common or collective trust in which plans invest. Individual Retirement Accounts and Annuities (“IRAs”) are Benefit Plan Investors.
Appears in 3 contracts
Samples: Subscription Agreement, Supplemental Disclosure Statement and Subscription Agreement, Subscription Agreement
Benefit Plan Investor. The term Benefit Plan Investor means a benefit plan investor within the meaning of ERISA Section 3(42) and U.S. Department of Labor Regulation 29 C.F.R. Section 2510.3-101, which includes:
(a) any employee benefit plan (as defined in Section 3(3) of ERISA) subject to the fiduciary responsibility provisions of Title I of ERISA;
(b) any plan to which Code Section 4975 applies (which includes a trust described in Code Section 401(a) which forms a part of a plan, which trust or plan is exempt from tax under Code Section 501(a), a plan described in Code Section 403(a), an individual retirement account described in Code Sections 408(a) or 408A, an individual retirement annuity described in Code Section 408(b), a medical savings account described in Code Section 220(d), a health savings account described in Code Section 223(d) and an education savings account described in Code Section 530); and
(c) any entity (including a corporation, partnership, limited liability company, trust or association) whose underlying assets include plan assets by reason of a plan’s plan‟s investment in the entity (generally because 25 percent or more of a class of interests in the entity is owned by plans, excluding in such 25 percent calculation any interests in the entity held by a person (other than a Benefit Plan Investor) with discretionary authority or control over the assets of the Investor or held by any affiliate of such person). Any entity described in this section (c) will be generally considered to include plan assets only to the extent of the percentage of the equity interests in the entity held by plans described in (a) and (b) above. Benefit Plan Investors also include that portion of any insurance company’s company‟s general account assets that are considered “plan assets” and (except to the extent the entity is an investment company registered under the Investment Company Act) the assets of any insurance company separate account or bank common or collective trust in which plans invest. Individual Retirement Accounts and Annuities (“IRAs”) are Benefit Plan Investors.
Appears in 1 contract
Samples: Supplemental Disclosure Statement and Subscription Agreement