Retirement Reflections (3) Prohibited Transactions

Summary

My first two articles, Retirement Reflections (1): What Fiduciaries Need to Know and Retirement Reflections (2): The Fiduciary Duties discussed the responsibilities and standard of care for plan sponsors, and their officers and managers who serve as plan fiduciaries. This article discusses the responsibilities of those fiduciaries where there are conflicts of interest which are prohibited transactions under ERISA and the Internal Revenue Code.