A glossary of terms relating to the 403(b) tax deferred savings plan
An insurance contract qualified to operate under Code Section 403(b)(1), under which certain benefits are payable to the annuitant (the participant). Annuities under the Plan may offer fixed accounts with guarantees of both principal and interest; and variable investments with no guarantees. 年金 contracts may offer a variety of benefit payment options.
A Provider holding a current contract with the Commonwealth of 质量achusetts to provide 403(b) accounts under the Plan. 合同提供者可以接受新的注册, 接受当期供款, 接收计划内转账, 接受展期金额, 进行贷款和困难提取, 做出各种形式的分布. 合同提供商为“工资单槽提供商”.
A mutual fund account qualified to operate under Code Section 403(b)(7). These accounts offer variable investments with no guarantees. 托管账户s offer a variety of benefit payment options.
The defaulted loan balance of a participant who has not met a trigger event to distribute funds from the plan to pay-off the defaulted loan. 一旦触发事件被满足, the defaulted loan balance is distributed from the Plan and taxable to the participant.
A loan from the Plan where a scheduled repayment has been missed, 且未在允许的“治愈”(宽限期)内作出. The grace period ends with the last day of the calendar quarter following the date of the missed repayment.
存在违约贷款, that has not been paid-off prohibits the participant from obtaining another loan.
Any payment from a participant’s account under the Plan to either the participant or their beneficiary. 分布s are normally payable upon the following events: termination of employment with the Commonwealth (not just your department), 年满59岁半(即使仍有工作), 残疾后, 参与者死亡后. Hardship Withdrawals are also distributions from the Plan.
Employee, voluntary after taxed contribution under the Plan.
Employee, voluntary tax-deferred contribution under the Plan.
A transfer of Plan assets from one account with a Provider to another account with a different Provider. Only 合同供应商s may accept exchanges into the Plan. 不得与非合同提供商进行交换.
An exchange of accounts between 合同供应商s under the Plan. 不需要雇主授权, to the extent the Plan’s 合同供应商s acknowledge the other Providers.
An agreement between the Commonwealth and a Provider to share certain information about participants in order to ensure the accurate administration of the Plan’s assets. Non-contract providers must hold a valid ISA in order to accept exchanges into their products. This is not possible under the Plan because only 合同供应商s may accept exchanges of Plan assets. The Commonwealth is not compelled to maintain ISAs with 合同供应商s because, 作为工资单槽提供商, they and the Commonwealth are deemed to share information with each other.
Is a Provider eligible to 接受当期供款 under the Plan. 这些是bet356官网首页的合同供应商.
Is either an insurance company (annuities) or an investment company (mutual funds) that holds plan assets in their product(s).
Is the tax-free movement of an eligible distribution from the Plan to an eligible account, either an Individual retirement account (IRA) or another employer’s plan. 合格的分配通常是单笔支付, or a stream of generally equal payments for a period of less than ten years.
Internal Revenue Service (IRS) rules 政府erning the administration of Hardship Withdrawals, 当bet356官网首页跟进时, 确保计划发起人的合规性. The Commonwealth’s Section 403(b) Plan is intended to operate in compliance with this Safe Harbor. This means that participants’ needs must meet one of the seven reasons noted by the IRS: they must utilize all loans available from the Commonwealth’s plans and suspend their contributions for six months.
An agreement (contract) between the Commonwealth and an eligible employee to reduce the employee’s pay by a certain amount, and remit that amount to a 合同供应商’s account on behalf of the employee.
Is the transfer of a participant’s assets under one employer’s 403(b) plan to that of another employer. These are typically encountered when one employer assumes control of another, and assets are consolidated in the controlling employer’s plan.
The Section of the Internal Revenue Code allowing the tax-deferral of certain amounts of compensation for employees of Eligible Employers. Sub section 403(b)(1) describes annuity contracts that may be made available to employees under a Section 403(b) plan. Sub section 403(b)(7) describes custodial accounts (mutual funds) that may be made available to employees under a Section 403(b) plan.
The Section of the Internal Revenue Code allowing the after tax of certain amounts of compensation for employees of Eligible Employers. Sub section 403(b)(1) describes annuity contracts that may be made available to employees under a Section 403(b) plan. Sub section 403(b)(7) describes custodial accounts (mutual funds) that may be made available to employees under a Section 403(b) plan.
