Retirement Savings Accounts

An account that holds assets that are earmarked for retirement. A retirement savings account can be qualified/tax-deferred or nonqualified.

Governmental Plan

Definition Under ERISA : ERISA’s definition of a governmental plan is as follows: A plan established or maintained for its employees by the Government of

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Governmental 457 plan

Definition An eligible 457 plan  established and maintained by a State, political subdivision of a State, any agency or instrumentality of a State or political

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Fidelity bond

Definition Bond purchased (from a surety company that holds a grant of authority from the Secretary of the Treasury as an acceptable surety on Federal

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Employer

Definition An employer is usually the plan sponsor, i.e. the party that adopts the retirement plan. This includes sole-proprietorships, partnerships, corporations and non-profit organizations. An

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Employer reversion

Definition In general, employer reversion means the amount of cash and the fair market value of other property (directly or indirectly) by an employer from

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Employee

Definition A general rule is that anyone who performs services for you is your employee if you can control what will be done and how

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Eligible employees

Definition Employees who have met the plan’s eligibility requirements for participating in the plan. The eligibility requirements vary among plan types. The following chart provides

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Eligibility

Definition The parameters that determines whether a participant meets the requirements for certain retirement plans and/or plan benefits. Eligibility is  defined in the plan document

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