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Disqualified Person
Practical Law Glossary Item 6-502-8840 (Approx. 2 pages)
Glossary
Disqualified Person
In the context of certain employee benefit plans, a person who has a specified relationship with a plan, including:
- Plan fiduciaries.
- Persons providing services to a plan.
- Employers or employee organizations whose employees or members are covered by the plan, or their owners with 50% or more interest.
- Corporations, partnerships, trusts and estates of which 50% or more is owned by certain disqualified persons.
- Officers, directors, certain highly compensated employees and 10% shareholders, partners and joint venture partners of certain disqualified persons.
- Certain relatives of disqualified persons, including:
- spouses;
- ancestors;
- lineal descendants; and
- spouses of lineal descendants.
For more information see Status as a Disqualified Person Checklist.