ERISA Assets. (a) Financial Institution understands that the Department of Labor views ERISA as prohibiting fiduciaries of discretionary ERISA assets from receiving certain fees or other compensation from Funds in which the fiduciary's discretionary ERISA assets are invested. Similar, the common law of trusts in certain states prohibit fiduciaries from receiving distribution-related compensation from funds in which the fiduciary's discretionary trust assets are invested. Receipt of such compensation could violate such provisions against fiduciary self-dealing and conflict of interest and could subject the fiduciary to penalties.
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Samples: Sales Contracts (Banknorth Funds), Mutual Funds Sales and Service Agreement (Vision Group of Funds), Sales Contracts (Vision Group of Funds)
ERISA Assets. (a) Financial Institution understands that the Department of Labor views ERISA as prohibiting fiduciaries of discretionary ERISA assets from receiving certain fees or other compensation from Funds in which the fiduciary's discretionary ERISA assets are invested. Similar, the common law of trusts in certain states prohibit fiduciaries from receiving distribution-related compensation from funds in which the fiduciary's discretionary trust assets are invested. Receipt of such compensation could violate such provisions against fiduciary self-dealing and conflict of interest and could subject the fiduciary to penalties.
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