The Coalition of Collective Investment Trusts (CCIT) Announces Awareness Week Plans
Collective Investment Trusts Gain Wider Acceptance
NEW YORK, March 30, 2015 /PRNewswire/ -- The Coalition of Collective Investment Trusts (CCIT) is sponsoring a first-ever Collective Investment Trust Awareness Week to promote education on and awareness of collective investment trusts (CITs), an investment vehicle increasingly used by retirement plans.
"We are excited to be working with the Coalition and its member companies in advancing this CIT Awareness Week," said Clifford Kirsch, Partner with Sutherland Asbill & Brennan LLP, which serves as counsel to the CCIT. "This initiative is an important step toward achieving the Coalition's goal of providing education about collective investment trusts and adding in a meaningful way to the dialogue about them."
During CIT Awareness Week the CCIT is providing a number of educational opportunities, including:
- Release of an educational whitepaper on the 75-year evolution and increased demand for CITs
- Release of a primer on CITs titled "Myths and Facts"
- Release of a "Benefits of CITs" overview
- Announcement of and the opportunity to register for two upcoming webinars: "CITs 101" and "CIT Regulatory Framework"
"CITs have become an increasingly attractive option for retirement plan sponsors, who are more focused than ever on controlling plan fees and costs," said Kevin Lyman, General Counsel of Invesco Trust Company and current Chairman of the CCIT. In 2014 a Callan Trends Report of larger 401(k) plans noted 60% of defined contribution retirement plans offered CITs in their fund lineup, up from 52% in 2013.
About CITs
CITs, frequently referred to as "pooled," "collective" or "commingled" funds, are similar in many respects to mutual funds and offer a cost-effective, tax-exempt alternative for retirement plan sponsors seeking access to a broad range of investment strategies. While in the past CITs were sometimes cumbersome for retirement plans to administer, today's technology has enhanced reporting capabilities and enabled more seamless operation on record keeper platforms.
CITs are administered by banks and trust companies, and designed exclusively for use by qualified defined benefit and defined contribution retirement plans. They are regulated by either state banking examiners or the Office of the Comptroller of the Currency (in the case of nationally chartered banks), with oversight by the Department of Labor to the extent that ERISA plan assets are invested.
About The Coalition of Collective Investment Trusts:
The Coalition of Collective Investment Trusts is the leading association for the collective investment trust industry. It includes a diverse group of fund sponsors, money managers and other service providers and serves as a forum for members to discuss issues of common interest and develop industry best practices. Formed in 2012 and today with a membership of approximately 40 member firms, the CCIT is the first and only industry group devoted exclusively to issues relating to collective investment trusts. Sutherland Asbill & Brennan LLP serves as counsel to the CCIT and actively reports to Coalition members regarding relevant regulatory (including Office of the Comptroller of the Currency, Department of Labor, and Securities and Exchange Commission) developments. Further information about the CCIT may be obtained through its website: www.CTFCoalition.com. The website contains information about the CCIT's upcoming teleconferences and also information about its membership.
SOURCE Coalition of Collective Investment Trusts
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