401(k)
The most common type of defined contribution retirement plan for private-sector employees in the United States. It takes its name from the section of the Internal Revenue Code that allows deferring of taxes on contributions made to such plans.
Plan sponsor
The for-profit employer that offers a 401(k) plan to its employees.
Plan participant
Employee who signs up for a 401(k) account and makes regular or occasional contributions to it.
ERISA
The Employee Retirement Income Security Act, the 1974 federal law that broadly governs company-sponsored retirement plans, primarily through regulations promulgated by the Department of Labor.
408(b)(2)
The section of ERISA that includes a new regulation requiring providers of 401(k) services to disclose all fees received for those services to the plan sponsors by July 1.
404(a)(5)
The section of ERISA that includes a new regulation requiring plan sponsors to provide expanded plan information in plain language to participants, including all fees, initially by Aug. 30.
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