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Employee Retirement Income Security Act of 1974 (ERISA)

A federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.

Internal Revenue Code of 1986

The principal body of tax law in the United States, which governs the taxation of income, property, and other transactions. It sets rules for how retirement plans are treated for tax purposes.

Pension Plans / Qualified Trusts

Employer-sponsored retirement savings programs, such as 401(k)s or traditional pensions, that meet specific government rules to receive tax benefits.

Minimum Participation Standards

Rules that determine when an employee becomes eligible to join their employer's retirement plan, often based on age and years of service.

Hours of Service

A measure of an employee's work time used to determine eligibility for retirement plans and other benefits; typically, 1,000 hours in a 12-month period constitutes a 'year of service.'

401(k) Plan

A popular type of employer-sponsored retirement savings plan that allows employees to contribute a portion of their paycheck before taxes are taken out, with the money growing tax-deferred until retirement.