No Fiduciary Responsibility. Except in the instance where a Plan is the sole investor in the Fund, the underlying assets of the Fund will not be considered to be “plan assets” for purposes of ERISA, because the Fund is registered as an investment company under the 1940 Act. For that reason, none of ICM, the Initial Member, any Underlying Adviser, any member of the Board, any other selling agent, any of their respective affiliates, or any of their respective agents or employees will be a fiduciary within the meaning of ERISA with respect to the Plans that acquire the Units.
Appears in 6 contracts
Samples: Limited Liability Company Agreement (Ironwood Multi-Strategy Fund LLC), Limited Liability Company Agreement (Ironwood Institutional Multi-Strategy Fund LLC), Limited Liability Company Agreement (Ironwood Multi-Strategy Fund LLC)
