Retirement Plans in the United States
There are many kinds of retirement plans. Some of the most popular include Individual Retirement Accounts (IRAs), Keogh Accounts, Pension Plans, 401(k)s. Most of the more popular plans are “qualified” under the Tax Code to receive favorable tax treatment, though a few “nonqualified” plans are used to provide additional compensation for top corporate management.
Retirement plans subject to the Employee Retirement Income Security Act (ERISA) are required to file annual information returns (Form 5500) with the Department of Labor. The 5500 can tell you the value of the plan’s assetts and the number of plan participants.
Legal Materials
You can see blank Form 5500s on the DOL Web site back to 1995, but you can’t use them to file. Starting in 2010 filing must be done electronically. Before electronic filing, you had to call the IRS to get a blank 5500 for filing (1-800-TAX-FORMS) or subscribe to a service like the BNA Benefits Practice Center. You can search for and pull up filed 5500s through:
- The Department of Labor’s Form 5500/5500-SF Filing Search.
- freeERISA, which also has Form 5300s (application to request a Determination Letter concerning the initial qualification of a qualified plan), Form 5310s (application to terminate a qualified plan) and filings for non-qualified plans required to notify the IRS of their existence.
- BrightScope for 401(k) plans.
To get Form 5500s not available online, file a FOIA request with the DOL. You can submit the request by email to foiarequests@dol.gov. Procedures for filing the request are posted at www.dol.gov/dol/foia/FOIASubmit.htm.
The Pension Benefit Guarantee Corporation posts a database of plans covered by the PBGC, including terminated plans (a/k/a “Trusteed Plans”).
Recent retirement plan news is posted on BenefitsLink. BenefitsLink also posts lost of useful related information, including the current and historical inflation-adjusted limitsunder various retirement plan laws. The Bureau of Labor Statistics compiled data on retirement plans; more information is available from the Profit Sharing / 401(k) Council of America and the Employee Benefits Research Institute.
Mergers and Acquisitions: See Qualified Plans — Treatment in Mergers, Acquisitions and Other Corporate Transactions (BNA Tax Management Portfolio #364) and/orEmployee Benefits in Mergers and Acquisitions by Ilene H. Ferenczy (Aspen Publishers).
Public Plans: Public retirment plans (for school systems, state government employees, etc.) generally do not file form 5500s. They do, however, have websites, and financial data can be found in the Annual Reports and Financial Statements posted on the websites.
Treatises: I have heard that The ERISA Outline Book by Sal Tripodi is first-rate.
For More Information
For information about the tax treatment of specific retirement plans, see “Internal Revenue Service” in this legal Encyclopedia, and “Tax”, also in this Encyclopedia.
For information about the Pension and Welfare Benefits administration, see the “Department of Labor” entry in this legal Encyclopedia.
Main Topics of Retirement and Aging
- Retirement and Aging : Assisted Living Facilities
- Retirement and Aging : Elder Abuse
- Retirement and Aging : Healthcare/Medicare
- Retirement and Aging : Nursing Homes
- Retirement and Aging : Retirement Pension Plans
- Retirement and Aging : Social Security
Retirement Plans and the State Laws
Select from the list of U.S. States below for state-specific information on Retirement Plans:
- Retirement Plans in the Subject Index of the Alabama Portal
- Retirement Plans in the Subject Index of the Alaska Portal
- Retirement Plans in the Subject Index of the Arizona Portal
- Retirement Plans in the Subject Index of the Arkansas Portal
- Retirement Plans in the Subject Index of the California Portal
- Retirement Plans in the Subject Index of the Colorado Portal
- Retirement Plans in the Subject Index of the Connecticut Portal
- Retirement Plans in the Subject Index of the Delaware Portal
- Retirement Plans in the Subject Index of the Florida Portal
- Retirement Plans in the Subject Index of the Georgia Portal
- Retirement Plans in the Subject Index of the Hawaii Portal
- Retirement Plans in the Subject Index of the Idaho Portal
- Retirement Plans in the Subject Index of the Illinois Portal
- Retirement Plans in the Subject Index of the Indiana Portal
- Retirement Plans in the Subject Index of the Iowa Portal
- Retirement Plans in the Subject Index of the Kansas Portal
- Retirement Plans in the Subject Index of the Kentucky Portal
- Retirement Plans in the Subject Index of the Louisiana Portal
- Retirement Plans in the Subject Index of the Maine Portal
- Retirement Plans in the Subject Index of the Maryland Portal
- Retirement Plans in the Subject Index of the Massachusetts Portal
- Retirement Plans in the Subject Index of the Michigan Portal
- Retirement Plans in the Subject Index of the Minnesota Portal
- Retirement Plans in the Subject Index of the Mississippi Portal
- Retirement Plans in the Subject Index of the Missouri Portal
- Retirement Plans in the Subject Index of the Montana Portal
- Retirement Plans in the Subject Index of the Nebraska Portal
- Retirement Plans in the Subject Index of the Nevada Portal
- Retirement Plans in the Subject Index of the New Hampshire Portal
- Retirement Plans in the Subject Index of the New Jersey Portal
- Retirement Plans in the Subject Index of the New Mexico Portal
- Retirement Plans in the Subject Index of the New York Portal
- Retirement Plans in the Subject Index of the North Carolina Portal
- Retirement Plans in the Subject Index of the North Dakota Portal
- Retirement Plans in the Subject Index of the Ohio Portal
- Retirement Plans in the Subject Index of the Oklahoma Portal
- Retirement Plans in the Subject Index of the Oregon Portal
- Retirement Plans in the Subject Index of the Pennsylvania Portal
- Retirement Plans in the Subject Index of the Rhode Island Portal
- Retirement Plans in the Subject Index of the South Carolina Portal
- Retirement Plans in the Subject Index of the South Dakota Portal
- Retirement Plans in the Subject Index of the Tennessee Portal
- Retirement Plans in the Subject Index of the Texas Portal
- Retirement Plans in the Subject Index of the Utah Portal
- Retirement Plans in the Subject Index of the Vermont Portal
- Retirement Plans in the Subject Index of the Virginia Portal
- Retirement Plans in the Subject Index of the Washington Portal
- Retirement Plans in the Subject Index of the West Virginia Portal
- Retirement Plans in the Subject Index of the Wisconsin Portal
- Retirement Plans in the Subject Index of the Wyoming Portal
Resources
See Also
- Profit Sharing Plans
- Legislators Retirement Plan
- Aging
- Judges Retirement Plan
- Individual Retirement Accounts
- Legislative Commission On Pensions And Retirement
Compensation
Individual Retirement Accounts
Pension Benefit Guarantee Corporation
Internal Revenue Service
Tax
Further Reading
- Information about Retirement Plans in the Gale Encyclopedia of American Law.