Plan Participant

Plan Participant

One who contributes to and/or is eligible to receive benefits from an employer-sponsored retirement plan or pension. This includes person(s) contributing to a 401(k), as well as retired persons who are making withdrawals from their accounts. Plan participants' rights vis a vis their plans are regulated by the Employee Retirement Income Security Act (ERISA). Covered employees have the right to see the plan's annual tax forms on demand, and the right to sue the plan. Generally, planned participants need to participate in the plan for a certain number of years before becoming eligible for the maximum allowable benefits.

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Plan participant. If you're enrolled in an employee retirement plan, such as a 401(k) or pension plan, you're a plan participant with certain rights and protections guaranteed by federal rules.

The plan in which you participate may be subject to administration and investment rules set by the Employee Retirement Income Security Act (ERISA).

As a participant, you have the right to certain information about your plan, such as a summary plan description, which outlines how it works. You also have the right to see copies of the tax reporting form that your plan must file with the IRS each year (Form 5500), as well as statements showing your estimated retirement benefits. If you have problems with your plan, you also have the right to bring claims against it.