TN 2 (10-19)
RM 03201.001 ERISA — Overview and Glossary
Citations: Social
Security Act, as amended, Section 1131 (42 U.S.C.1320b-1) and Internal Revenue Code, Section 6057
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1.
This section describes the interrelationship under the Employee Retirement Income
Security Act (ERISA) between SSA and other federal agencies in providing information
on potential private retirement income to workers who may have deferred vested retirement
benefits.
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2.
This section provides general information on SSA’s ERISA workload for all concerned
SSA components.
B. Terms Used in Pension Plans
| Term |
Definition |
| Benefit Plan or Pension Plan |
A plan, fund, or program of an employer or employee organization that provides retirement
income to employees.
|
| Defined Benefit Plan |
A plan funded by employer (or employer and employees) providing a specific benefit
formula to determine benefits payable to employees at retirement age.
|
| Defined Contribution Plan |
A plan providing retirement benefits based on each employee's account to which the
employer (or employer and employee) has made contributions.
|
| Participant |
An employee or former employee covered by a benefit plan who may be eligible (or whose
beneficiaries may be eligible) for benefits under the plan.
|
| Plan Administrator |
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•
Association of two or more employee organizations; or
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•
Other person designated in a pension plan as having responsibility for maintaining
the plan.
|
| Vested Benefit |
The earned benefit under a pension plan - either an immediate benefit or a future
(deferred) benefit.
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