A Qualified Retirement Plan Is....
a program implemented and maintained by an
employer or individual for the primary purpose of providing retirement
benefits and which meets specific rules spelled out in the Internal Revenue
Code. For an employer-sponsored qualified retirement plan, these rules
include:
The plan must be established by the employer for the exclusive benefit of the
employees and their beneficiaries, the plan must be in writing and it must be
communicated to all company employees.
Plan assets cannot be used for purposes other than the exclusive benefit of the
employees or their beneficiaries until the plan is terminated and all obligations to
employees and their beneficiaries have been satisfied.
Plan contributions or benefits cannot exceed specified amounts.
The plan benefits and/or contributions cannot discriminate in favor of highlycompensated employees.
The plan must meet certain eligibility, coverage, vesting and/or minimum funding
standards.
The plan must provide for distributions that meet specified distribution requirements.
The plan must prohibit the assignment or alienation of plan benefits.
Death benefits may be included in the plan, but only to the extent that they are
"incidental," as defined by law.
There Are Many Types Of Qualified Plans
Please click on the links at the top of the page so you can look at all the different types of qualified plans and the rules about them.