Transcription of Employee Benefit Plans - Parties in Interest and ...
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Employee Benefit Plans - Parties in Interest and ...
Employee Benefit Plans - Parties in Interest and Prohibited Transactions April 2011 Topix Primer Series Introduction The AICPA Employee Benefit Plan Audit Quality Center has developed this primer to provide 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.
2 of 6 Party in Interest vs. Related Party Parties in interest and related parties are not the same. ERISA’s definition of a party in interest is broader than a related party as that term is defined by GAAP.
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