Party in interest
Party in interest
An ERISA-specified individualsuch as an administrator, officer, fiduciary, trustee, custodian, or counselwho is prohibited from making certain transactions involving a retirement plan. A trustee, for example, would be prohibited from using an IRA as collateral for a loan.
Party in Interest
Anyone prohibited under ERISA from using a retirement plan for one's own interests. For example, the investment manager of a 401(k) may not use that 401(k) as collateral on a personal loan. See also: Fiduciary Responsibility.