Fidelity Bond: In accordance with Section 412(b) of ERISA, all fiduciaries and any other individuals who handle plan assets are required to be covered by a fidelity bond. The purpose of the fidelity bond is to protect a retirement plan's assets from loss due to dishonesty, fraudulent activity or negligence on the part of the fiduciary or any other individual who handles plan assets.
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Money Purchase Pension Plan: An individual account plan, in which the employer has a fixed obligation to make annual contributions to the plan, usually based on a percentage of pay.
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As a sponsor of a 401k plan (or other defined contribution plan), you have important responsibilities. The Employee Retirement Income Security Act of 1974 (ERISA) holds you accountable for the initial selection of investment alternatives made available to plan participants, for monitoring the performance of those investments and — normally — for the allocation of investments to 401k retirement plan participant accounts.
401k_Retirement_Plan.html
An eligible 401k Rollover distribution from a participant's (or a deceased participant's spouse) employer's qualified pension, an IRA rollover from a profit-sharing or stock bonus plan, an IRA rollover from a qualified annuity plan, or tax-sheltered annuity plan (403b plan) or governmental 457 plans, can be rolled over, all or in part into a traditional IRA. This can be referred to as a traditional IRA rollover.
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401k Plan: A qualified, employer-sponsored retirement plan in which employees elect to make pre tax contributions in lieu of receiving taxable income.
401k_Rollover_Glossary.html
Can I do a 401k transfer? Absolutely, 401k transfer can be done. A 401k transfer is usually initiated when you are leaving your job.
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In order to reduce liability for claims brought against retirement plans sponsors by participants for poorly performing funds in defined contribution plans, 404c and its regulations permit responsibility for properly diversifying retirement accounts investments to be transferred to participants.
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To comply with 404(c), DOL regulations generally require that plan participants
be provided with: The opportunity to choose from a broad selection of investment choices, including a core of at least three different investment alternatives. Each investment alternative must be diversified and have materially different risk and return characteristics.
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A written explanation that the plan is intended to comply with ERISA Section 404c and that the 401k retirement plan ’s fiduciaries may be relieved of responsibility for investment performance as a result of investment choices made by the retirement plan participant.
404c_ERISA_Requirements.html
The " 457 Plans " are deferred compensation plans conforming to section 457 of the Internal Revenue Code that are established by state and local governments and nonprofit organizations.
457_Plans.html
