Definitions for "Party in interest"
A person who, because of his or its relationship with the plan (i.e. as a fiduciary, as a provider of services, as the plan sponsor) is prohibited from entering into certain transactions with the plan.
A party to the plan who is not a fiduciary, but has knowledge of and interest in the plan. A TPA is a party in interest.
An ERISA-specified individual—such as an administrator, officer, fiduciary, trustee, custodian, or counsel—who 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.
A party who has standing to be heard by the court in a matter to be decided in the bankruptcy case. The debtor, the U.S. trustee or bankruptcy administrator, the case trustee and creditors are parties in interest for most matters.
A party that has an interest which may be affected in some legally recognized manner by actions and/or decisions, in the subject matter at issue.
A party who is actually and substantially interested in the subject matter, as distinguished from one who has only a nominal on technical interest in it.
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