Bank serving as trustee of IRA provides investment recommendations consistent with five model investment strategies. The Bank recommends investments among three of the bank’s mutual funds and some unrelated mutual funds. Some insurance companies provide similar services with respect to the insurance company’s mutual funds. See Childrens Home Association of Illinois vs. Mutual of America Life Ins. Co. The DOL ruled that the receipt of fees by the bank’s mutual funds would result in a prohibited transaction if the management fees otherwise payable to the bank were not reduced by the amount of those mutual fund fees.

These files are presented in PDF format, which can be viewed with the Adobe Acrobat Reader. You may download the Acrobat Reader here.

To download the file, click this icon