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