PUBLICATIONS
QPAM Articles
Pension Fund Real Estate Investments: The Role of the Qualified Professional Asset Manager (QPAM)
International Foundation of Employee Benefit Plans, March 2000 [Updated 2007]
Most trustees of pension plans that make loan or equity investments in real estate directly through a separate account relationship or indirectly through a commingled fund vehicle, understand the importance of hiring a qualified and capable real estate investment manager to implement the pension plans’ real estate investment strategy. Pension plans who develop a real estate strategy as part of their overall asset allocation model typically invest in individual assets which are in the operating stage of the investment cycle to generate cash flow and long-term appreciation, and/or engage in the making of loans secured by real estate. More>>
Discretionary vs. Non-Discretionary Real Estate Investment Accounts: A Primer for Trustees
International Foundation of Employee Benefit Plans, September 1999
Trustees of Taft-Hartley trust funds who develop a separate account real estate investment program oftentimes wish to retain control over the investment decisions. While control may be desirable from an operational standpoint, as many trustees have the knowledge and ability to positively impact the real estate investment process, it is important that trustees understand the distinction between creating a discretionary account, a non-discretionary account, or a quasi-discretionary account. Further, the trustees need to understand the legal and financial implications to the trust and the trustees when they become involved in the investment process, and the possible impact on the performance of the investment portfolio. More>>
Operating Pension Funds in Compliance with ERISA Procedures: How to Avoid A Department of Labor Audit: A Primer for Lawyers
Real Estate Review, Spring 1999
Business and trust advisors and lawyers who represent pension plans or other tax-exempt entities like foundations and endowments that make real property investments often are not mindful of the significant procedural issues and concerns that surround the investments of these entities. Unfortunately, the failure to comply with the procedural requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA) may make the trustees of pension plans and the directors of endowments and foundations (and, consequently, their lawyers and advisors) culpable for the failure to take those important yet simple procedural steps. More>>
Complying with ERISA: A Primer for Pension Plan Trustees
Real Estate Review, Spring 1997
Many pension plan trustees have read with some trepidation that the US Department of Labor (DOL) has started to evaluate pension plan investments in real estate more vigorously in order to monitor the compliance of plans with the Employee Retirement Income Security Act of 1974, as amended (ERISA). More>>
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