Glossary

Our glossary provides an in-depth look into key retirement 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

Individual Retirement Account (IRA) is a tax-deferred, government sponsored personal retirement plan.

Money Purchase

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.