A profit-sharing plan is a company benefit that involves distributing a portion of the company's profits to its employees in the form of cash or stock. This can be offered in the form of a company retirement plan known as a deferred profit-sharing plan (DPSP). The Internal Revenue Servic...
A voluntary employees’ beneficiary association (VEBA) plan is a tax-exempt trust set up by employers or a group of employees to cover the eligible medical expenses of its members, their dependents, or designated beneficiaries. These plans are typically funded by the employer and are governed und...
ERISA Service Provider Disclosures: What Plan Sponsors Need to Do NowPatrick J. Kelleher
One of the most important provisions of ERISA is the requirement that employers fully fund their pension plans. ERISA mandates that employers make regular contributions to the pension plan and maintain adequate funding levels to ensure that the plan can pay out benefits to retirees. ERISA also req...
You may hear a lifetime immediate annuity called by a number of different names, including "Single Life," "Joint Life," "Life and Period Certain", or "Refund" annuity. Regardless of its name, by ensuring that you will never outlive your income, a life annuity is a powerful retirement ...
What does ERISA stand for? ERISA: ERISA is a federal statute that was passed in 1974 and provides minimum requirements in administering benefit plans and provides causes of action for the beneficiaries of the plan if those requirements are not fulfilled. ERISA does not cover all benefit plans, ...
plan? a 403(b) plan is a type of retirement account for employees at public schools and nonprofit organizations. it’s also referred to as a tax-sheltered annuity plan or tsa plan, meaning employees can make pretax contributions to their accounts. by contributing to a 403(b), employees ...
Because qualified plans have annual limits, many companies offer additional nonqualified plans for their highly paid employees. A nonqualified deferred comp plan (NDCP) is not an ERISA plan. It can be offered to only a select group of employees, such as just the founder or th...
What is a tax-sheltered annuity? What type of organization or person is eligible for a 403b account? What is health insurance? What kind of asset is prepaid insurance? What is considered an employee benefit plan under ERISA? What is the tax benefit of a SEP IRA? What is a brokerage ac...
Association health plans are a sort of medical insurance that is presented by, and custom-made for, individuals with a commonality of interest. Plan individuals should have a similar industry or profession. Groups of organizations with a common reason, similar to a trade association or franchise ...