Pensions were created to provide individuals a secure income for life. Traditionally, pensions have been the form of a guaranteed annuity payment to a retired or disabled employee or to a deceased employee’s spouse, children or other beneficiaries. Pension can come in two forms: defined benefits or defined contribution benefits. The defined benefit is determined by age, years of service, pay and other factors. The defined contribution benefit is where the employer and employee contribute to the pension plan. The contributions are placed in an account that grows through investments. Employee Retirement Income Security Act (ERISA) of 1974 was created to protect the interests of participants and their beneficiaries in employee benefit plans. It established guidelines on how employers were to operate their plans and set the standard for communication to participants, vesting, participation, funding, fiduciary conduct and reporting requirements to the government. The U.S. Department of Labor, the Internal Revenue Service of the Department of the Treasury and the Pension Benefit Guaranty Corporation (PBGC) administer ERISA. The Financial Accounting Standards Board (FASB) publishes standards on pension and retirement accounting and disclosure.
Financial Accounting Standards
- Employers’ Accounting for Pensions
- Employers’ Accounting for Postretirement Benefits Other Than Pensions
- Employers’ Accounting for Settlements and Curtailments of Defined Benefit Pension Plans and for Termination Benefits
- Employers’ Disclosures about Pensions and Other Postretirement Benefits: An Amendment of FASB Statements 87, 88 and 106
- Disclosure of Postretirement Health Care and Life Insurance Benefits
Forms
401(k) Election Change Form
Developing a Phased Retirement Plan and Process
Pension Plan Enrollment Form
Profit-Sharing Plan and Trust Benefit or Withdrawal Request and Approval Form
Profit-Sharing Plan and Trust Designation of Beneficiary
Profit-Sharing and Trust Enrollment and Election Form
Profit-Sharing Plan and Trust Spousal Consent
Spousal Consent Form
Government Forms
Annual Return/Report Form 5500 Series
[Note: IRS has suspended the requirement to file Schedule F (Form 5500) for all plan years that the form has not been filed. Schedule F (Form 5500) applies to adoption assistance programs, cafeteria plans and educational assistance programs. See www.irs.gov/news/nandf.html (select IR-2002-043) for more information]
Defined Benefit Plan Termination Forms and Instructions
ERISA Filing Acceptance System (Computer Scannable Form 5500)
401(k) Plan Fee Disclosure Form
SHRM Legal Reports
Reshaping the Retirement Benefit Bucket, EGTRRA 2001-Style
SHRM White Papers Educating Employees About Retirement Planning
How to Select a 401(k) Vendor
Qualified Domestic Relations Orders
Small Employer Pension Plans
Miscellaneous
Developing a Phased Retirement Plan and Process
Phased Retirement and Flexible Work Arrangements: Strategies for Retaining Skilled Workers
Clearing the 401(k) Nondiscrimination Test Hurdle
Best Practices Automatic 401(k) Overview for Employers By AARP
Additional Resources
SHRM HR Magazine Articles
Employee Benefits Research Institute
Government Sites
Department of Labor’s Small Business Handbook
Department of Labor Employee Benefits Security Administration
Pension Benefit Guaranty Corporation
Pension and Welfare Benefits Administration: Strategic Enforcement Plan
Publications
Available from SHRM Store
Tools & Techniques of Employee Benefit and Retirement Planning
Designing Nonqualified Plans
The Wall Street Journal Guide to Planning Your Financial Future
Retire at 55
Creating Your Own Retirement Plan
2005 ERISA Facts
ERISA Basics
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