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Frequently Asked Questions
- Which Retirement Plans May Use Collective Investment Funds?
- What's the difference between a CIF and a Mutual Fund?
Which Retirement Plans May Use Collective Investment Funds?
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Eligible |
Not Eligible |
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Qualified 401(k) Plans |
403(b) Plans |
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Qualified Profit-Sharing and Stock Bonus Plans |
457(f) Government Plans |
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457(b) Government Plans |
IRA’s and Keoghs |
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Certain Separate Accounts and Contracts of Insurance Companies |
Endowment Plans |
What's the difference between a CIF and a Mutual Fund?
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Element |
Mutual Fund |
Collective Investment Fund |
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Regulating Bodies |
SEC |
OCC, IRS, DOL |
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Controlling Document |
Prospectus |
Written plan (declaration of trust) |
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Availability |
Available to general public |
Not available to general public |
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Type of Investor |
Not exclusive to retirement plans |
Exclusive to retirement plans |
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Fund Board of Directors |
Yes |
No |
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Compliance Issues |
Responsibility of fund’s board of directors |
Responsibility of bank as trustee |
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Portfolio Composition |
Pooled |
Pooled |
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Valuation |
Daily |
Daily (increasingly prevalent, although only quarterly is required by regulation) |
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Clearing |
NSCC |
NSCC |
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Advertise |
Yes |
No |
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