Qualified Retirement Plan FAQ

Qualified Retirement Plans

Frequently Asked Questions

Qualified Retirement Plan Frequently Asked Questions

27 Frequently Asked Questions:
(Click any question and the answer will appear below)

01. What is ERISA?

02. What are simplified employee retirement plans (SEPs)?

03. What are 401(k) plans?

04. What are profit sharing plans or stock bonus plans?

05. Who can participate in your employers retirement plan?

06. When can your participation begin?

07. When do you begin to accumulate benefits?

08. How soon do you have a right to your accumulated benefits?

09. Information provided by the retirement plan?

10. What plan information should you review regularly?

11. When can you begin to receive retirement benefits?

12. When is the latest you may begin to take payment of your benefits?

13. In what form will your benefits be paid?

14. Can you borrow from your 401(k) plan account?

15. Can you get a distribution from your plan if you are not 65, but facing financial hardship?

16. What happens if you leave a job and later return?

17. How do you make a claim for benefits?

18. What are the responsibility of plan fiduciaries?

19. What if a plan fiduciary fails to carry out its responsibilities?

20. When does the employer need to deposit employee contributions in the plan?

21. What are the plan fiduciaries’ obligations regarding fees and expenses paid by the plan?

22. What happens when a plan is terminated?

23. What if your terminated defined benefit plan does not have enough money to pay the benefits?

24. What happens if a defined contribution plan is terminated?

25. What if your employer goes bankrupt?

26. Start with your employer and/or plan administrator

27. What is the role of the Department of Labor?