2015 US Code
Title 29 - Labor (Sections 1 - 3361)
Chapter 18 - Employee Retirement Income Security Program (Sections 1001 - 1461)
Subchapter I - Protection of Employee Benefit Rights (Sections 1001 - 1191c)
Subtitle B - Regulatory Provisions (Sections 1021 - 1191c)
Part 4 - Fiduciary Responsibility (Sections 1101 - 1114)
Sec. 1106 - Prohibited transactions
Publication Title | United States Code, 2012 Edition, Supplement 3, Title 29 - LABOR |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 29 - LABOR CHAPTER 18 - EMPLOYEE RETIREMENT INCOME SECURITY PROGRAM SUBCHAPTER I - PROTECTION OF EMPLOYEE BENEFIT RIGHTS Subtitle B - Regulatory Provisions part 4 - fiduciary responsibility Sec. 1106 - Prohibited transactions |
Contains | section 1106 |
Date | 2015 |
Laws In Effect As Of Date | January 3, 2016 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 93-406, title I, §406, Sept. 2, 1974, 88 Stat. 879. |
Statutes at Large Reference | 88 Stat. 879 |
Public and Private Law | Public Law 93-406 |
Download PDF
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 fiduciaryA 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 interestA 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.)
Disclaimer: These codes may not be the most recent version. The United States Government Printing Office may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the US site. Please check official sources.