Collective trust funds or Collective Investment Trusts (CITs) are a legal trust administered by a bank or trust company that combines assets for multiple investors who meet specific requirements set forth in the fund’s declaration of trust.[1] Typically, a collective trust pools assets from corporate and governmental profit sharing, pension and stock bonus plans, and charitable and other tax-exempt trusts. While operating in many respects similar to a mutual fund, a collective trust is not regulated by the U.S. Securities and Exchange Commission, but rather is established under Title 12, Section 9.18(a)(2) of the Code of Federal Regulations of the Office of the Comptroller of the Currency (OCC), a division within the U.S. Department of the Treasury.[2]
CITs have existed since 1927.[3] Their size in assets and importance in the retirement and pension fields have grown significantly in recent years. Estimated assets in collective trusts as of the end of 2016 exceeded $1.4 trillion.[4] In many ways, CITs are similar to mutual funds, and thus, have become especially important in the defined contribution/401(k) market, as of 2016 growing to over $1.5 trillion in assets and comprising over 20% of defined contribution plan assets.[5]
^Lemke and Lins, Collective Trusts and Other Commingled Funds, §1:02[1] (Law Journal Press, 2015 ed.).
^12 C.F.R. §9.18(a)(2).
^Coalition of Collective Trust Funds, Collective Investment Trusts (2015).
^Cerulli Associates, U.S. Defined Contribution Distribution 2017: Re-Evaluating the Use of CITs in DC Plans (2017).
^Steyer, Use of CITs in DC plans booming, rises 68% since 2008, Pensions and Investments (Feb. 22, 2016); SEI, Getting Ahead of the CIT Boom: Aligning Capabilities to Capture DC Market Share (Apr. 16, 2012).
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