This Employee Benefit Plan Audit Quality Center (EBPAQC) primer provides a general understanding of defined benefit and defined contribution pension plan investments in bank collective investment funds (CIFs).
This document includes:
discussions of the unique characteristics and structure of CIFs
how they are regulated
valuation methods
fees commonly charged and methods for determining them
disclosures made to plan sponsors
references to the relevant accounting and auditing professional literature
Health and welfare plan investments in common trust funds are not addressed