Prohibited Transactions
Definition of "Prohibited transactions"
Actions not allowed between a trust and a disqualified person under the employee retirement income security act of 1974 (erisa). The disallowed actions are designed to prevent a conflict of interest between the trust plan and those who have a vested interest in that plan. The disallowed actions between the trust plan and the disqualified person include the sale, lending, exchange, and leasing of goods or services between the two parties.
Popular Insurance Terms
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