### Question
How does EMPLOYEE RETIREMENT INCOME SECURITY PROGRAM define substantial owner?


### Answer
Under *29 U.S.C. § 1321*, **substantial owner** is defined as:

> an individual who, at any time during the 60-month period ending on the date the determination is being made—


(1) owns the entire interest in an unincorporated trade or business,


(2) in the case of a partnership, is a partner who owns, directly or indirectly, more than 10 percent of either the capital interest or the profits interest in such partnership, or


(3) in the case of a corporation, owns, directly or indirectly, more than 10 percent in value of either the voting stock of that corporation or all the stock of that corporation

#### Citation:
  - *29 U.S.C. § 1321*
  - Heading: **CHAPTER 18-EMPLOYEE RETIREMENT INCOME SECURITY PROGRAM > SUBCHAPTER III-PLAN TERMINATION INSURANCE > Subtitle B-Coverage**

