Conflicts of Interests / Prohibited Transactions
- Prohibited transaction rules serve to prevent interested parties from using plan assets for their own benefit
- Best practices:
- Be aware of the plan’s parties-in-interest
- Identify common prohibited transactions the plan may encounter
- Identify available exemptions and comply with their requirements, including required disclosures
- Draft policies to address conflicts encountered
- Review policies for effectiveness
- Document and retain information about specific conflicts and how the plan managed them
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