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What is Self-Dealing?

August 31, 2014 by John Park Leave a Comment

“Self-dealing” occurs when you (or any other person who is considered to be disqualified to the plan) benefit in some way by being involved in the transaction.  Please note that the IRS does not prohibit you from managing the plan’s investments as it benefits you in retirement; however, you cannot be personally benefiting from those activities or the investments that the plan makes.  Always keep in mind that, similar to any trust (which is what a qualified 401(k) plan is), as Trustee you can make any and all decisions related to the plan as long as you follow all IRS and DOL regulations and you do not benefit in any manner from serving in this capacity.

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About John Park

John

As co-founder of Fulcrum Self-Directed, John Park believes in the power of self-directed plans tempered by the individual responsibility to operate the plan in compliance with IRS and DOL regulations. As such, Fulcrum Self-Directed is in a unique position to assist a client in establishing an IRS compliance self-directed plan, while guiding clients with their responsibility to operate and administer their plan.

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