Prohibited Transaction and Parties in Interest Checklist (ERISA Rules)

Summary

This checklist provides a list of four steps that a practitioner or plan fiduciary may follow to assist in the identification of prohibited transactions and parties in interest under the Employee Retirement Income Security Act of 1974 (ERISA). Parties in interest are persons who may be in a position to exercise improper influence over a transaction involving an employee benefit plan governed by ERISA. Determining party-in-interest status is essential for plan sponsors and administrators to comply with ERISA's prohibited transaction rules.