Question

In order to qualify for favorable tax treatment in the United States, a retirement plan must...

In order to qualify for favorable tax treatment in the United States, a retirement plan must meet requirements imposed by U.S. federal tax law and the Employee Retirement Income Security Act (ERISA). ERISA requirements include

A. Nondiscrimination requirements
B. Reporting requirements

B only
Neither A nor B
A only
Both A and B
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Answer #1

Both A and B

The IRS prepared the Reporting and Disclosure Guide to serve as a quick reference basic reporting and disclosure requirements for retirement plans under the IRC and ERISA. It requires disclosure of information such as financial condition of the plan,information about separated participants,etc.

Such plans must also be non discriminatory in nature. This prevents a plan from discriminating by way of coverage or contribution in favor of highly compensated employees or towards  employees who are officers or shareholders of the company.

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