Employment and Labor Law

By: Irwin A. Kishner, Fred R. Green and Gary Young
Herrick, Feinstein LLP (New York, New York, USA)

Section 408(b)(2) of ERISA provides a statutory exemption from the legal prohibition against payment for services from a Covered Plan to any party-in-interest including a Fiduciary provided

: (1) such service is necessary for the establishment or operation of the plan; (2) such service is furnished under a contract or arrangement that is reasonable; and (3) no more than reasonable compensation is paid for such service. Click here to read entire article.