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Multiemployer plan

A retirement plan to which more than one unrelated employer contributes, typically established through collective bargaining agreements between unions and employers.

Internal Revenue Code of 1986

The main body of tax law in the United States, which includes rules for various types of retirement plans.

Automatic enrollment

A feature in a retirement plan where eligible employees are automatically signed up to contribute a portion of their pay, unless they specifically choose not to participate.

Governmental plan

A retirement plan established and maintained by a federal, state, or local government entity for its employees.

Church plan

A retirement plan established and maintained by a church or a convention or association of churches for its employees.

Taxable year

The annual accounting period for keeping records and reporting income and expenses, often a calendar year but can be different for businesses.