§ 1106. Prohibited transactions
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/usc/title-29/section-1106A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Transactions between plan and party in interest Except as provided in section 1108 of this title:
(1)A fiduciary with respect to a plan shall not cause the plan to engage in a transaction, if he knows or should know that such transaction constitutes a direct or indirect—
(A)sale or exchange, or leasing, of any property between the plan and a party in interest;
(B)lending of money or other extension of credit between the plan and a party in interest;
(C)furnishing of goods, services, or facilities between the plan and a party in interest;
(D)transfer to, or use by or for the benefit of a party in interest, of any assets of the plan; or
(E)acquisition, on behalf of the plan, of any employer security or employer real property in violation of section 1107(a) of this title.
(2)No fiduciary who has authority or discretion to control or manage the assets of a plan shall permit the plan to hold any employer security or employer real property if he knows or should know that holding such security or real property violates section 1107(a) of this title.
(b)Transactions between plan and fiduciary A fiduciary with respect to a plan shall not—
(1)deal with the assets of the plan in his own interest or for his own account,
(2)in his individual or in any other capacity act in any transaction involving the plan on behalf of a party (or represent a party) whose interests are adverse to the interests of the plan or the interests of its participants or beneficiaries, or
(3)receive any consideration for his own personal account from any party dealing with such plan in connection with a transaction involving the assets of the plan.
(c)Transfer of real or personal property to plan by party in interest A transfer of real or personal property by a party in interest to a plan shall be treated as a sale or exchange if the property is subject to a mortgage or similar lien which the plan assumes or if it is subject to a mortgage or similar lien which a party-in-interest placed on the property within the 10-year period ending on the date of the transfer.
(Pub. L. 93–406, title I, § 406, Sept. 2, 1974, 88 Stat. 879.)
Connections58 cite this · traces to 2
Cited by 58 sections · top 38
U.S. Code
statutes-at-large
- Public Law 93–406
- Public Law 109–280To provide economic security for all Americans, and for other purposes
- Public Law 96–364To amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1954 to improve retirement income security under private multiemployer pension plans by strengthening the funding requirements for those plans, to authorize plan preservation measures for financially troubl
register
- NoticesProposed rule
- Rules and RegulationsNotice of proposed rulemaking
- Rules and RegulationsFinal rulemaking
- Proposed RulesProposed rulemaking
- Proposed RulesProposed program amendments and amendments to prohibited transaction exemption; reopening of comment period
- Presidential DocumentsFinal rule
- Rules and RegulationsAmendment to Prohibited Transaction Exemption 84-24
- Proposed RulesProposed program amendments; request for comment
- NoticesFinal rule
- NoticesNotice
- NoticesNotification of adoption of Updated Voluntary Fiduciary Correction Program
- NoticesExtension of the transition period for PTE amendments
- NoticesNotice
- NoticesNotice of proposed class exemption
- Rules and RegulationsProposed rule
- NoticesRequest for information
- Proposed RulesProposed rule; extension of applicability date
- Rules and RegulationsFinal rule SUMMARY: The Department of Labor (Department) is adopting a final rule defining when a person renders “investment advice for a fee or other compensation, direct or indirect” with respect to any moneys or other property of an employee benefit plan, for purposes of the definition of a “fiduciary” in the Employee Retirement Income Security Act of 1974 (Title I of ERISA or the Act)
- Rules and RegulationsNotice of proposed rulemaking and withdrawal of previous proposed rule
- Presidential DocumentsFinal rule
- Proposed RulesFinal rule
- Rules and RegulationsAmendment to Class Exemption PTE 2020-02
- NoticesFinal rules
- NoticesFinal rule; extension of applicability date
- Proposed RulesNotice of proposed amendments to PTE 2016-01, PTE 2016-02, and PTE 84-24
- Proposed RulesProposed Rulemaking
- NoticesNotice
- NoticesNotice
2 references not yet in our index
- Pub. L. 93–406, title I, § 406
- 88 Stat. 879
Citation graph
cites case law
§ 1106
Prohibited transactions
Fed. Reg.×31
U.S.C.×20
Stat.×5
Bills×2
Pub. L.Pub. L. 93–406, title I, § 406
Stat.88 Stat. 879
Cites 4Cited by 58 across 4 sources