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Earl

Reimburse Trustee For Expenses Incurred

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Can the Plan pay the expenses of a Trustee even if it is a Self-Trusteed Plan?

Sounds like a PT but since Owner is wearing the Trustee hat at that moment is it ok?

Thank you very much

 

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A Labor department rule distinguishes compensation for services, overhead, and direct expenses.

 

29 C.F.R. § 2550.408c-2 https://www.ecfr.gov/cgi-bin/text-idx?SID=24dba48a3e2a9983025132fa53bf4ce0&mc=true&node=se29.9.2550_1408c_62&rgn=div8

 

For a fiduciary who gets full-time pay from the employer, that rule allows only a “reimbursement of direct expenses properly and actually incurred and not otherwise reimbursed.”

 

Even then, a fiduciary must not benefit herself or a person in which the fiduciary has an interest that could affect the exercise of the fiduciary’s best judgment as a fiduciary.

 

And there can be more restraints than those.

 

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Thank you very much for this.

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