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 with regard to 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.

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.

References in periodicals archive ?
The plan participant must have had the opportunity to choose his or her investments, but did not do so.
A haircut provision is defined as a percentage loss the plan participant would suffer due to an early distribution from the plan.
75 per plan participant beginning in 2006, which is indexed for wage increases.
If a plan participant who leaves a publicly traded company is a key employee (a "specified employee"), distributions cannot occur until six months after service ends (or at death).
Transamerica receives six MFEA STAR Awards for Excellence, including overall excellence in plan participant communications
When a plan participant left employment, the ESOP redeemed convertible preferred stock equal in value to the participant's vested account, regardless of any election by the participant on the ultimate distribution of the account balance (Boise Cascade decided whether the redemption was to be in cash or common stock).
According to Foster, "The Pension Protection Act can offer great opportunity, but the financial professional, the employer and, ultimately, the plan participant need the tools to determine what it means to them and how they can take action.
The Department of Labor or a plan participant may sue any fiduciary or party in interest who engages in a prohibited transaction.
Say a 401(k) provider gives each plan participant personalized information that illustrates his income the day before and the day after the person retires.
Bankers Trust and Schwab will make similar investment choices available in the IRA, making the transition from company plan participant to individual investor easier and less confusing, while providing continuity to the individual's long- term investment strategy.
Designed with a focus on meeting the needs of the plan participant, NPC's program provides each employee with the opportunity to receive individual consultation from an experienced financial adviser at no additional cost.
Recognizing the working owner as an ERISA-sheltered plan participant also avoids the anomaly that the same plan will be controlled by discrete regimes: Federal-law governance for the nonowner employees; state-law governance for the working owner.