Glossary

The plan administrator is the person or entity identified in the plan document as responsible for the operational administration of an ERISA-covered plan, or, if none is identified, the plan sponsor by default, and is an ERISA fiduciary with respect to the administrative functions the role entails.

A plan audit is the annual examination of an ERISA-covered retirement plan's financial statements by an independent qualified public accountant, required for large plans and used to support the financial-statement schedules that accompany the plan's Form 5500 filing.

A plan committee is the governance body, typically named in the plan document, through which a plan sponsor delegates administration of an ERISA-covered retirement plan, with committee members serving as ERISA fiduciaries when they exercise discretion over plan operations or assets.

A plan document is the written legal instrument that establishes and governs an employer-sponsored retirement plan, specifying the plan's terms — eligibility, contributions, vesting, distributions, and administration — as required by ERISA and the Internal Revenue Code.

The plan sponsor is the employer, employee organization, or committee that establishes or maintains an ERISA-covered employee benefit plan, and that ordinarily holds the authority to amend or terminate the plan.