Our glossary provides an in-depth look into key retirement terms:
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.
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).
Individual Retirement Account (IRA) is a tax-deferred, government sponsored personal retirement plan.
Defined-contribution plan that is similar to a profit-sharing plan, with fixed contribution amounts. Employers are required to make annual contributions to each employee's account regardless of the company's profitability.
Tax Deferred Growth
Contributions and plan earnings on which income taxes are paid at a future date.
Tax Qualified Retirement Plans
A plan that qualifies for favorable IRS tax treatment.