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Pension Resource

29 C.F.R. § 2570.31

Definitions.
CFR 2011 annual edition (revised as of 2011-07-01) · superseded Jul 1, 2012
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The earliest stored text of this section is effective Jul 1, 1997. Showing that version.
For purposes of these procedures, the following definitions apply:
(a) An affiliate of a person means—
(1) Any person directly or indirectly through one or more intermediaries, controlling, controlled by, or under common control with the person;
(2) Any director of, relative of, or partner in, any such person;
(3) Any corporation, partnership, trust, or unincorporated enterprise of which such person is an officer, director, or a 5 percent or more partner or owner; and
(4) Any employee or officer of the person who—
(i) Is highly compensated (as defined in section 4975(e)(2)(H) of the Code), or
(ii) Has direct or indirect authority, responsibility, or control regarding the custody, management, or disposition of plan assets.
(b) A class exemption is an administrative exemption, granted under section 408(a) of ERISA, section 4975(c)(2) of the Code, and/or 5 U.S.C. 8477(c)(3), which applies to any parties in interest within the class of parties in interest specified in the exemption who meet the conditions of the exemption.
(c) Department means the U.S. Department of Labor and includes the Secretary of Labor or his delegate exercising authority with respect to prohibited transaction exemptions to which this subpart applies.
(d) Exemption transaction means the transaction or transactions for which an exemption is requested.
(e) An individual exemption is an administrative exemption, granted under section 408(a) of ERISA, section 4975(c)(2) of the Code, and/or 5 U.S.C. 8477(c)(3), which applies only to the specific parties in interest named or otherwise defined in the exemption.
(f) A party in interest means a person described in section 3(14) of ERISA or 5 U.S.C. 8477(a)(4) and includes a disqualified person, as defined in section 4975(e)(2) of the Code.
(g) Pooled fund means an account or fund for the collective investment of the assets of two or more unrelated plans, including (but not limited to) a pooled separate account maintained by an insurance company and a common or collective trust fund maintained by a bank or similar financial institution.
29 C.F.R. § 2570.31 — Definitions. · CFR 2011 annual edition (revised as of 2011-07-01) · https://pensionresource.website/EAMain?content=EAMain.Law&id=cfr29-2570.31&asof=1995-01-04 · printed Oct 16, 2026
On this page
  • (a) (a) An affiliate of a person means—
  • (b) (b) A class exemption is an administrative exemption, grant…
  • (c) (c) Department means the U.S. Department of Labor and inclu…
  • (d) (d) Exemption transaction means the transaction or transact…
  • (e) (e) An individual exemption is an administrative exemption,…
  • (f) (f) A party in interest means a person described in section…
  • (g) (g) Pooled fund means an account or fund for the collective…
Implements
ERISA § 408 (29 U.S.C. § 1108) Exemptions from prohibited transactions
Cited by (code & regs)
Guidance addressing this section
Department of Labor (EBSA)
Final Rules
  • 76 FR 66637 Oct 27, 2011 — Prohibited Transaction Exemption Procedures; Employee Benefit Plans (a)(i)(j)
Also cited in 7 other documents
Department of Labor (EBSA)
Final Rules
  • 89 FR 4662 Jan 24, 2024 — Procedures Governing the Filing and Processing of Prohibited Transaction Exemption Applications (a)(h)(i)(j)(k)
  • 85 FR 82798 Dec 18, 2020 — Prohibited Transaction Exemption 2020-02, Improving Investment Advice for Workers & Retirees (j)
  • 81 FR 21181 Apr 8, 2016 — Amendment to and Partial Revocation of Prohibited Transaction Exemption (PTE) 86-128 for Securities Transactions Involving Employee Benefit Plans and Broker-De… (j)
  • 81 FR 21089 Apr 8, 2016 — Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs (j)
  • 81 FR 21002 Apr 8, 2016 — Best Interest Contract Exemption (j)
Proposed Rules
  • 87 FR 14722Proposed Mar 15, 2022 — Procedures Governing the Filing and Processing of Prohibited Transaction Exemption Applications Comments due Apr 14, 2022 (a)(i)(k)
  • 75 FR 53172Proposed Aug 30, 2010 — Prohibited Transaction Exemption Procedures; Employee Benefit Plans Comments due Oct 14, 2010

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EffectiveThroughSourceAmended by
Jul 1, 1997Jun 30, 2012CFR 2011 annual edition (revised as of 2011-07-01)View
Jul 1, 2012Apr 7, 2024eCFR editorial change effective 2017-01-01 run 129View · Redline (sign in)
Apr 8, 2024currenteCFR amendment effective 2024-04-08 run 129View · Redline (sign in)
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