A dentist that maintains a profit sharing plan for her employees takes money from the plan to buy a building that will be used as an office by the dentist and also will be rented to other medical professionals. The building will be held as an asset of the profit sharing plan. This action is _______.

Question

23-08-2019
Business

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A dentist that maintains a profit sharing plan for her employees takes money from the plan to buy a building that will be used as an office by the dentist and also will be rented to other medical professionals. The building will be held as an asset of the profit sharing plan. This action is _______.

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Аноним Аноним · Answer 1 · 2019-08-26T13:34:55+02:00

Answer:

The correct answer to the following question is that this would be prohibited as per ERISA ( which is employee retirement income security act ), because it is a transaction between a plan and party in interest.

Explanation:

Here the kind of transaction that dentist is making in the question is prohibited by ERISA, which prevents parties who have a improper influence over a plans asset to make deals and also prevents fiduciary such as employer ( dentist in this case ), trustee, custodian etc, to get involve in dealings which are in conflict of interest.