The AICPA Employee Benefit Plan Audit Quality Center has developed this primer to provide Center members with a general understanding of master trusts. While master trusts can be formed for various business purposes, this primer only addresses master trusts in employee benefit plans.

Included in this primer are discussions of the definition of a master trust, the meaning of common control, master trust types and structures, the difference between an undivided interest and a divided interest, and valuation of assets held by participating plans.