Retirement Savings Accounts

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

Election

Definition An action by a participant and beneficiaries  to have certain treatments apply to their retirement assets. Examples of elections that can be made by

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Defined contribution plan

Definition What is a defined contribution plan? An employer sponsored qualified-plan , where employees receive a promised contribution to their account . The contribution can

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Deferral election (Salary)

Definition A written election made by plan participants to make salary deferral contributions to an employer-sponsored plan that includes salary deferral-feature. Such plans include SARSEPs,

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Cafeteria Plan

Definition A written plan-offered by an employer- that allows employees to choose between receiving cash or taxable benefits instead of certain qualified benefits for which

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What is a blackout period?

Definition Period of more than three consecutive business days, during which participants and beneficiaries under the plan are restricted from performing transactions that would otherwise

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412(i) Plan

Definition A defined benefit plan that is funded with individual insurance (life and/or annuity) contracts. Also referred to as an Insurance Contract Plan or Fully

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