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Sagot :
When the President of the corporation wants to donate a valuable oil painting to the plan. This action is "an illegal transaction involving a party-in-interest and the plan".
Employee Retirement Income Security Act (ERISA):
The main purpose of (ERISA) are-
- Transactions between the plan trustee and alleged "parties-in-interest" are expressly forbidden by ERISA.
- Any fiduciary, advisor, or employee of the plan, as well as any employer whose employees are covered by the plan, are considered "parties-in-interest."
- Sale, exchange, or leasing of property between the plan and a "party-in-interest," a loan to a "party-in-interest," the provision of goods, services, or facilities to a "party-in-interest," the transfer of plan assets to a "party-in-interest," or the use of plan assets by a "party-in-interest" are all prohibited transactions.
To know more about ERISA, here
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