Advisory Opinion on Use of Bank Deposits by Trustee

 The Advisory Opinion discusses the application of the statutory exemption available to banks under ERISA Section 408(b)(4).

 Document Excerpt

This is in response to your request for an advisory opinion on behalf of AmeriServ Trust and Financial Services Company (ATFSC) concerning the application of section 408(b)(4) of the Employee Retirement Income Security Act of 1974, as amended (ERISA), and the parallel provisions under section 4975(d)(4) of the Internal Revenue Code of 1986, as amended (the Code), to the use of deposit accounts of its banking affiliate for investment of cash of certain bank collective investment funds for which it serves as trustee, under the circumstances as described herein.


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