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What are the specific mandatory notice requirements under ERISA applicable to defined benefit and money purchase pension plans?
Carol's experience covers the full range of retirement plans for both public and private employers, including defined benefit and money purchase pension plans, profit-sharing and 401(k) plans, 403(a) and 403(b) annuity plans, 457(b) and 457(f) plans, non-qualified deferred compensation plans and individual retirement plans.
(1) Qualified retirement plans such as defined benefit pension plans, money purchase pension plans, and 401(k) plans can be installed in a corporation, a partnership, or a sole proprietorship (page 389).
Money purchase pension plans and profit sharing plans build up similar qualified retirement accounts for employees, but without the employer guaranteed minimum investment return.
They are Money Purchase Pension Plans and Target Benefit Pension Plans.
Under EGTRRA, profit-sharing plan contributions after 2001 are subject to the same employer deduction limit of 25 percent as money purchase pension plans, but are more flexible; since the contributions are discretionary from year to year, whereas money purchase pension plans require annual contributions defined by formula.
Money purchase pension plans are described at "MONEY PURCHASE PLANS," below.
In a change designed to increase employee flexibility, the act permits defined benefit and money purchase pension plans to make distributions to active employees who have reached age 62.
The survey summarizes the most popular components of investment policy statements for defined benefit plans, 401(k) plans, money purchase pension plans, 403(b) plans, and welfare plans.
Participants in Hanover's The Company Store Savings and Money Purchase Pension plans and the Retirement Plan for Union Employees are prohibited from purchasing the stock pending completion of the company's investigation of accounting matters.
Prior to the Act, self-employed individuals were able to receive larger deductible contributions from less complicated, lower-cost qualified plans such as profit-sharing and money purchase pension plans. Nevertheless, the Act enables self-employed individuals, as well as corporate owners, to receive larger deductible contributions under a profit-sharing/401(k) plan.
Employee benefit plans that are subject to ERISA's fiduciary rules include group health plans and tax-qualified retirement plans, such as 401(k) plans, money purchase pension plans, defined benefit pension plans, and Internal Revenue Code Section 403(b) tax-sheltered annuities that are maintained or sponsored by a nongovernmental entity.