A Virginia pension plan fiduciary lends plan assets in 2026 to participants in that same plan. If it lends these assets solely to plan participants, does the fiduciary qualify for the exemption?
Correct Answer
C) Exempt: a fiduciary lending plan assets solely to plan participants
Persons acting as fiduciaries with respect to an employee pension benefit plan qualified under the Internal Revenue Code, who make mortgage loans solely to plan participants from plan assets, are exempt. Other choices: the security and the borrower type are the setting the exemption assumes; employing an originator is not the condition; and no waiver is involved. Source: Va. Code § 6.2-1602(6)
Why This Is the Correct Answer
Persons acting as fiduciaries with respect to an employee pension benefit plan qualified under the Internal Revenue Code, who make mortgage loans solely to plan participants from plan assets, are exempt. Other choices: the security and the borrower type are the setting the exemption assumes; employing an originator is not the condition; and no waiver is involved. Source: Va. Code § 6.2-1602(6)
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