With qualified plans, assets are usually held in a group trust or group annuity contract that is established by the plan sponsor on behalf of all plan participants. Because qualified plan assets are typically held in a group trust or group annuity contract, sponsors of qualified plans typically have more ongoing fiduciary responsibility tied to the oversight and administration of the qualified trust or annuity contract.
Types of plans
- Vesting/Restricted Access
- Plan Loans
- Contribution Allocation Formulas
- 1000 Hour Requirement
- Higher Salary Deferral Limits
- Greater Fiduciary Responsibility