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
Retirement Savings Accounts
An account that holds assets that are earmarked for retirement. A retirement savings account can be qualified/tax-deferred or nonqualified.
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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
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
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
Employer Sponsored IRA
Definition Amounts contributed to an employee’s Traditional IRA or Roth IRA by an employer or; by an association of employees to the IRA of its
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
Employee Stock Purchase Plan
Definition An employer sponsored plan, where employees are allowed to purchase stocks of their employer with after-tax dollars. Referring Cite IRC § 423, IRS Publication
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
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
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
