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Governmental Plan

A retirement plan established and maintained by a governmental entity (federal, state, or local) for its employees. These plans have specific tax benefits and are generally exempt from certain federal laws like ERISA.

Internal Revenue Code (IRC)

The main body of federal tax law in the United States, administered by the Internal Revenue Service (IRS). This code dictates rules for income, deductions, and various tax-advantaged accounts like retirement plans.

ERISA (Employee Retirement Income Security Act of 1974)

A federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans. Governmental plans are generally exempt from ERISA.

Public Safety Agency

An organization that provides services for public safety, such as firefighting or emergency medical services. In the context of this bill, it refers to an agency that is tax-exempt and contracts with a government entity.

Plan Year

The 12-month period for which an employee benefit plan maintains its records. It doesn't necessarily have to be the calendar year.