Erisa Section 3 14

The terms employee welfare benefit plan and welfare plan mean any plan fund or program which was heretofore or is hereafter established or maintained by an employer or by an employee organization or by both to the extent that such plan fund or program was established or is.

Erisa section 3 14. Section 406 of erisa prohibits certain transactions between employee benefit plans and parties in interest as defined in section 3 14 of erisa. The employee retirement income security act of 1974 erisa is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans. Erisa requires plans to provide participants with plan information including important information about plan features and funding.

Sets minimum standards. Erisa 3 14 29 usc 1002 14 14 the term party in interest means as to an employee benefit plan. X exemptions from prohibited transactions erisa section 408 a establishes a procedure to grant an exemption for a transaction.

C an employer any of whose employees are covered by such plan. B a person providing services to such plan. 1108 b and section 4975 d of the internal revenue code of 1986 provided by the amendments made by this section amending this section and section 1108 of title 29 labor shall not in any manner alter existing individual or class.

Erisa section 3 14 party in interest the term party in interest means as to an employee benefit plan a any fiduciary including but not limited to any administrator officer trustee or custodian counsel or employee of such employee benefit plan. Any exemption under section 408 b of the employee retirement income security act of 1974 29 u s c. X prohibited transactions erisa section 406 includes the definition of a prohibited transaction.

X definition of party in interest erisa section 3 14 defines the term party in interest. B a person providing services to such plan. The code s rules are not identical to erisa s rules.

Therefore it is possible for a transaction to be a prohibited transaction under erisa but not under the code. The amendments made by subsection a amending this section shall take effect on july 8 1997 except that the requirement of section 3 38 b ii of the employee retirement income security act of 1974 section 1002 38 b ii of this title as amended by this act for filing with the secretary of labor of a copy of a registration form.