Parties in interest and prohibited transactions primer
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Parties in interest and prohibited transactions primer

2 years ago · 316.7 KB Download

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This Employee Benefit Plan Audit Quality Center (EBPAQC) primer provides a general understanding of employee benefit plan parties in interest and prohibited transactions under the Employee Retirement Income Security Act of 1974 (ERISA). This primer explains how a party in interest under ERISA may differ from a related party as that term is defined by generally accepted accounting principles (GAAP).

This primer discusses:

  • party in interest transactions that are prohibited under ERISA and administrative actions of the Department of Labor (DOL), as well as statutory and administrative class and individual exemptions

  • how exemptions may be requested

  • the reporting requirements for party in interest and non-exempt transactions

  • applicable penalties imposed by ERISA or the Internal Revenue Code (IRC)

  • the Voluntary Fiduciary Correction (VFC) Program

  • references to additional resources

Download the EBPAQC Parties in Interest and Prohibited Transactions Primer

File name: ebpaqc-pii-prohibited-transactions-primer.pdf

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