Hedge Fund Group Pushes DOL To Amend Plan Assets Definition
The threshold for determining whether a hedge fund is subject to ERISA should be raised from 25 percent to at least 50 percent. And the plan assets test should no longer be applied on a class-by-class basis.
Those were some of the measures urged by Managed Funds Association president Jack Gaine at an August 11 hearing before the Department of Laborís Employee Benefits Security Administration. Gaine argued that the recent changes to the plan assets definition imposed by the Pension Protection Act of 2006 do not preclude DOL from administratively amending the plan assets definition.