Citibank received a “groundbreaking Advisory Opinion” from the Department of Labor (DOL) regarding its Diverse Asset Manager Program and the ERISA plans it sponsors.
More specifically, the law firm Thompson Hine said it secured Advisory Opinion 2023-01A on Citibank’s behalf. The DOL issued the opinion on September 29, 2023. It confirms that Citibank’s conduct in connection with its Diverse Asset Manager Program and the ERISA plans it sponsors is settlor in nature and not subject to ERISA’s fiduciary duties.
Under the voluntary program, which is part of Citibank’s larger Action for Racial Equity (ARE) designed to address the “racial wealth gap” affecting the business environment in which Citibank operates, Citibank commits to pay all or part of the fees of diverse asset managers for the ERISA plans it sponsors.
Talk to Custodia Financial about how this DOL advisory opinion simplifies the process of harnessing the benefits of Retirement Loan Protection for your plan.
