David Olstein’s practice focuses on the fiduciary responsibility provisions of ERISA and the prohibited transaction excise tax provisions of the Internal Revenue Code. He has an extensive background advising financial institutions, plan sponsors, and investment committees on ERISA matters, including compliance with ERISA’s fiduciary duty and prohibited transaction rules in connection with the investment of pension plan assets.
David regularly advises fund sponsors on the application of ERISA’s “plan asset” rules as they relate to the establishment and operation of private investment funds. From representing issuers and underwriters in connection with marketing securities to investors, to advising plan sponsors and independent fiduciaries in connection with the selection of annuity providers, David offers substantial experience at the intersection of ERISA and fiduciary responsibility.
David is an active member of the New York City Bar Association, having served for many years on the Association’s Employee Benefits & Executive Compensation Committee. He is also a contributing author to the BNA treatise ERISA Fiduciary Law, and has authored or co-authored articles that have been published in the Employee Relations Law Journal, Employee Benefit News and Thompson Reuters Practitioner Insights.
- Advising named fiduciaries, trustees, investment managers, broker-dealers and custodians on matters relating to compliance with the fiduciary responsibility provisions of ERISA and Section 4975 of the Internal Revenue Code, including prohibited transaction restrictions and exemptions, fee arrangements, bonding and indicia of ownership requirements.
- Advising high net worth individuals and discretionary trustees on matters relating to compliance with Section 408, Section 408A and Section 4975 of the Internal Revenue Code in connection with the investment of IRA assets.
- Advising managers of private investment funds on matters relating to compliance with exceptions under the Department of Labor “plan assets” regulation and compliance with the fiduciary responsibility provisions of ERISA and Section 4975 of the Internal Revenue Code.
- Drafting ERISA provisions of private investment fund organizational and offering documents.
- Drafting opinion letters regarding VCOC/REOC status of private investment funds.
- Advising issuers and underwriters on matters relating to compliance with exceptions under the Department of Labor “plan assets” regulation and prohibited transaction exemptions in connection with the offering of mortgage-backed, asset-backed and other securities to benefit plan investors.
- Preparing prohibited transaction exemption applications.
- Advising fiduciaries of defined benefit plans in connection with pension de-risking transactions.
- American Bar Association
- New York City Bar Association
Speeches & Events
- Speaker, ” Outsourcing Fiduciary Responsibility – Know Your Options,” The Worldwide Employee Benefits (WEB) Monthly Meeting, November 21, 2019
- Speaker, “Tax Issues Affecting Family Offices,” Stroock’s Second Annual Family Office Symposium, November 13, 2019
Admitted To Practice
District of Columbia
J.D., University of Virginia School of Law
B.A., Johns Hopkins University
In The Spotlight
NewsBack To Full Bio
PublicationsBack To Full Bio
November 4, 2019 | NYSSCPA's TaxStringer
“The Latest Proposals on Qualified Opportunity Zone Businesses”
August 7, 2019 | Stroock Special Bulletin
Opportunity Zones for Operating Businesses
May 29, 2019 | Stroock Special Bulletin
House Passes Retirement Plan Reform Legislation on Bipartisan Vote
EventsBack To Service
November 13, 2019
Stroock's 2nd Annual Family Office Symposium
November 21, 2019
The Worldwide Employee Benefits (WEB) Monthly Meeting