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'Party in Interest' Under ERISA vs. 'Related Party' Under GAAP
Belfint Lyons Shuman 
[Guidance Overview] Dec. 8, 2020 "ERISA's definition of a party in interest is broader than a related party as that term is defined by GAAP. Parties in interest include all entities and individuals that provide services to the plan; however, these entities may not necessarily be related parties. Party in interest transactions are prohibited under ERISA Section 406(a) unless specifically exempted from the prohibited transaction rules. Material transactions with Related Parties must be disclosed. Transactions with Parties in Interest must be disclosed unless they are listed as a Statutory or Administrative Exemption." |
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