Prohibited Transactions and Exemptions Under ERISA and the Code | Practical Law
A Note describing the rules under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (Code) that prohibit certain transactions between parties in interest (or disqualified persons) and employee benefit plans. The Note also explains generally the types of transactions that are prohibited (including so-called "self-dealing"), commonly used exemptions to the rules, penalties for engaging in a prohibited transaction, and available correction methods.