Opinion ID: 781612
Heading Depth: 2
Heading Rank: 4

Heading: the breadth of the district court's ruling

Text: 62 Salovaara argues in the alternative that, even if ERISA prohibits the transfer of assets from the fund to him pursuant to the indemnification clause, the district court erred in holding that such a rule barred any transfer to Salovaara. Instead, he argues, the correct remedy would be to award him a pro rata share of the fees representing the percentage of non-ERISA assets invested in the funds. Both parties acknowledge that this question is governed by Department of Labor regulation 29 C.F.R. § 2510.3-101(a)(2) (2002), which provides that the ERISA investors have an undivided interest in the assets of the fund. 4 Salovaara does not take this provision as any bar to the parsing of assets he proposes, but it is difficult to interpret the language otherwise than as forbidding a pro rata payment. Salovaara cites no authority for the permissibility of such a division, and it is difficult to reconcile his proposal with the language of the regulation. We therefore reject Salovaara's argument. 63