A disqualified person or entity is prohibited from doing business with the plan depending on their relationship with the plan owner. The following are a few examples of disqualified persons, including the plan owner:

  • A fiduciary of the plan (includes the owner)
  • Certain family members of the plan’s owner (owner’s spouse, lineal ascendants and descendants, and spouse of any lineal descendant)
  • Any employer of employees who are covered by the plan
  • Any employee organization where members are covered by the plan
  • Anyone who provides services to the plan
  • Any corporation, partnership, trust, or estate in which disqualified persons have a 50 percent or greater interest

Note: Siblings are not on the list of disqualified persons, and this list is incomplete. Please seek the advice of a financial professional for advice regarding disqualified persons and entities.

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