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Glossary

UNDERSTANDING is critical, and we want to express this as loud and clear as possible:

If there’s ANYTHING that you are confused about or don’t understand, please – ASK! There is no such thing as a “dumb question.”

Here’s a few term and definitions:

Terms

Form 5500

The plan administrator of a Pension or Welfare benefit plan covered by ERISA must file this form. Information this covers includes plan qualification, its financial condition, investments, and plan operations.

Form 5558

This is an application used by employers to request extra time to file certain employee plan returns (i.e. employers can file Form 5558 for one extension).

IRA

IRA stands for Individual Retirement Account. It allows an individual to save for retirement with tax-free growth or on a tax-deferred basis. There are 3 main types of IRA’s, each having different advantages. Don’t hesitate to ask for more information.

Money Purchase

This is an employee retirement benefit plan that resembles a corporate profit-sharing program. It requires the employer to deposit a set percentage of the employee’s salary in the account each year. The employee is not permitted to contribute to the fund but may choose how to invest the money based on options offered by the employer.

Tax Deferred Growth

This is investment growth that’s not subject to taxes immediately, but instead the income taxes are paid at a future date.

Tax Qualified Retirement Plans

A plan that qualifies for favorable IRS tax treatment.

About Us

Preserving the Future for over 40 Years

Concierge Retirement Services helps companies implement and run successful retirement plans.

We are the premier benefits consulting firm in the Tri-State area. If you are searching for a group of retirement plan consultants whose core values begin with one principal word – CARING, then you’ve found the right team to help you.

Please don’t hesitate to reach out.

Let’s Build Something Together

Would you like to have a conversation? Would you like to discover more?
Here’s a few ways to get in touch with us.

Info@ConciergeRetirementServices.com
7 Rye Ridge Plaza #404
Rye Brook, NY 10573
+1 (914) 251-0099