- ERISA Fiduciary Advisor
Based on your response, your plan is covered by ERISA.
Under ERISA, a plan is required to include certain key elements. These include:
- A written plan document that describes the benefit structure and guides day-to-day operations;
- A trust fund to hold the plan's assets1;
- A recordkeeping system to track the flow of monies going to and from the retirement plan; and
- Documents to provide plan information to employees participating in the plan and to the government.
Footnote: 1. If a plan is set up through an insurance contract, the contract does not need to be held in trust.