The amount of a participant’s taxable and non-taxable wages, salary, fees or earned income as defined in the plan document and outlined in the SPD.


Summary Plan Description


Also know as an SPD, it is a written description of the plan designed to provide a participant or beneficiary with a comprehensive but understandable overview of how the plan operates.

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Third Party Plan Administrator


A term used to identify an entity, organization or firm hired by the employer to assist the actual Plan Administrator in fulfilling its duties required under the terms of the plan. Third Party Plan Administrators typically provide services which include, but are not necessarily limited to, designing, producing, amending and restating plan documents; aiding in [...]

Third Party Plan Administrator2020-07-01T18:05:13+00:00

Plan Administrator


The employer is typically the named fiduciary or plan administrator. The duties of the plan administrator include, but are not necessarily limited to, appointing the plan’s attorney, accountant, actuary, custodian or other party needed to administer the plan; directing the trustee or custodian with respect to payments from the plan; communicating with employees regarding their [...]

Plan Administrator2020-07-01T18:04:54+00:00

Hardship Withdrawal


If allowed by the plan document, a Hardship withdrawal may be made from a participant’s vested account balance due to an immediate and heavy financial need of a participant (as defined by the Internal Revenue Service) and that cannot be satisfied by other available resources. Hardship withdrawals can not be repaid to the plan and [...]

Hardship Withdrawal2020-07-01T18:04:36+00:00

Participant Loan


If allowed by the plan document, a participant may apply for a participant loan to be taken from their vested account balance. This amount must be repaid to the plan, which is usually required through payroll deductions on an after-tax basis. The loan payments are based on the loan’s amortization schedule (i.e. repayment schedule). Participant [...]

Participant Loan2020-07-01T18:04:12+00:00



The payment of a participant’s vested account balance from the plan. This payment is normally restricted to very limited triggering events such as retirement, death, total and permanent disability or termination of employment.


Entry Date


The date(s) on which an employee who has satisfied the plan’s eligibility requirements may join the plan. This date/dates is/are specified in the plan document and the Summary Plan Description.

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The process of joining the plan. After completing the plan’s eligibility requirements, an employee may now enter the plan on the next plan defined entry date (e.g. 1st day of each calendar quarter) by completing an enrollment form prior to the next entry date.




The actual qualification requirements used in determining an employee’s eligibility to join the plan. Usually defined as satisfaction of both an age and service requirement, such as age 21 and 1 Year of Service, the defined requirements (if applicable) must be satisfied prior to an employee enrolling as a plan participant. The eligibility requirements are [...]

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