On January 31, 2012, Katten Muchin Rosenman LLP (Katten) hosted a seminar entitled, “25% Solutions: How to Manage ERISA Plan Assets in a Hedge Fund” in New York City.  Speakers at this event addressed: the implications of the Employee Retirement Income Security Act of 1974 (ERISA) for alternative investment fund managers managing plan asset funds; the plan asset regulations and the exception for comingled investment funds with less than 25% ownership by benefit plan investors; how the 25% calculation should be performed; and special concerns for managers managing hedge funds offering different share classes, fund of funds and funds utilizing a master-feeder structure.  This feature-length article summarizes the key points discussed at the seminar on each of the foregoing topics, and provides a self-contained tutorial on ERISA considerations for hedge fund managers.