disqualified person

disqualified person
USA
In the context of certain employee benefit plans, a person who is one of the following:
• A fiduciary.
• A person providing services to the plan.
• An employer that has any employees covered by the plan.
• An employee organization that has any members covered by the plan.
• An owner of 50% or more of an employer or employee organization that has any employees or members covered by the plan.
• A relative (spouse, ancestor, lineal descendant or any spouse of a lineal descendant) of:
o a fiduciary;
o a person providing services to the plan;
o an employer that has any employees covered by the plan; or
o a 50% owner of the employer or employee organization that has any employees or members covered by the plan.
• A corporation, partnership, trust or estate of which 50% or more is owned directly (or indirectly) by:
o a fiduciary;
o a person providing services to the plan;
o an employer that has any employees covered by the plan;
o an employee organization that has any members covered by the plan; or
o an owner of 50% or more of an employer or employee organization that has any employees or members covered by the plan.
• An officer, director, a 10% or more shareholder or a highly compensated employee (earning 10% or more of the yearly wages of an employer) of:
o an employer that has any employees covered by the plan;
o an employee organization that has any members covered by the plan;
o an owner of 50% or more of an employer or employee organization that has any employees or members covered by the plan; or
o a corporation, partnership, trust or estate of which 50% or more is owned directly (or indirectly) by a fiduciary, a person providing services to the plan, an employer that has any employees covered by the plan, an employee organization that has any members covered by the plan or an owner of 50% or more of the employer or employee organization that has any employees or members covered by the plan.
• A 10% or more partner or joint venture partner of:
o an employer that has any employees covered by the plan;
o an employee organization that has any members covered by the plan;
o an owner of 50% or more of an employer or employee organization that has any employees or members covered by the plan; or
o a corporation, partnership, trust or estate of which 50% or more is owned directly (or indirectly) by a fiduciary, a person providing services to the plan, an employer that has any employees covered by the plan, an employee organization that has any members covered by the plan or an owner of 50% or more of the employer or employee organization that has any employees or members covered by the plan.
(IRC § 4975(e)(2).)

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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