M1: Flashcards
Any person designated by a participant who is or may become entitled to a benefit under the plan.
Beneficiary
ERISA stipulates that records be maintained for at least how many years from the date the plan’s associated Form 5500 is filed?
6 years
A 4-page summary of benefits and coverage which must be provided to applicants and enrollees before enrollment or re-enrollment
SBC
ERISA title that created the Pension Benefit Guaranty Corporation. Congress set up the PBGC to insure the defined-benefit pensions of American workers. Defined benefit pension plans are traditional pensions that pay a certain amount each month after one retires. Another major feature is that it contains the procedures that all defined benefit plans must follow in order to terminate their plans.
Title IV
These include plans that are established by the U.S. government, the government of any state or political subdivision and any agency of any of the foregoing or a plan to which the Railroad Retirement Act applies, as well as certain plans associated with Native American tribal governments.
Governmental plans
A term that has been interpreted broadly to include employees in, or reasonably expected to be in, currently covered employment.
Participant
Describes the plan’s terms and conditions related to the operation and administration of a plan
Plan Document
ERISA Title that contains procedures for coordination of ERISA enforcement between the DOL and Treasury Department.
Title III
A person with statutory responsibility for ensuring that all of the required filings with the federal government are timely made
Plan Administrator / Sponsor
A plan established & maintained for its employees or by a convention or association is exempt from tax under Internal Revenue Code Section 501
Church Plans
This document must be written in a manner constructed to be understood by the average plan participant
SPD
This document is the summary of certain information contained in a plan’s Form 5500 Annual Report/Return.
SAR
ERISA Title that amended the IRS Code. This title primarily includes various requirements that must be met so that a plan can be tax favored or designated as a qualified plan. This title also includes a provision that created individual retirement accounts. IRAs are
savings accounts that offer large tax breaks. Millions of people use these tax-deferred accounts to plan for their retirement.
Title II
The main federal statute that provides the regulatory framework for private pension plans and employee welfare benefit plans.
ERISA
An ER can’t publicize, collect premiums, remit premiums, provide EE info to an insurance company and maintain a file on
the voluntary plan
No employer endorsement
