- accumulated funding deficiency
has the meaning given to such term by section 431.
- adequate consideration
means—
- amount involved
means, with respect to a prohibited transaction, the greater of the amount of money and the fair market value of the other property given or the amount of money and the fair market value of the other property received;
- applicable amount
means any amount which—
- applicable individual
means, with respect to any plan amendment— whose rate of future benefit accrual under the plan may reasonably be expected to be significantly reduced by such plan amendment.
- applicable large employer
means, with respect to a calendar year, an employer who employed an average of at least 50 full-time employees on business days during the preceding calendar year.
- applicable payment amount
means, with respect to any month, 1⁄12 of $2,000.
- applicable pension plan
means— Such term shall not include a governmental plan (within the meaning of section 414(d)) or a church plan (within the meaning of section 414(e)) with respect to which the election provided by section 410(d) has not been made.
- applicable premium
means, with respect to any period of continuation coverage of qualified beneficiaries, the cost to the plan for such period of the coverage for similarly situated beneficiaries with respect to whom a qualifying event has not occurred (without regard to whether such cost is paid by the employer or employee).
- applicable premium tax credit and cost-sharing reduction
means—
- block trade
means any trade of at least 10,000 shares or with a market value of at least $200,000 which will be allocated across two or more unrelated client accounts of a fiduciary.
- commodity
has the meaning given such term by section 475(e)(2) (without regard to subparagraph (D)(iii) thereof).
- comparable contributions
means contributions—
- comparable participating employees
means all employees— For purposes of subparagraph (B), the categories of coverage are self-only and family coverage.
- continuation coverage
means coverage under the plan which meets the following requirements:
- controlled group
means any group treated as a single employer under subsection (b), (c), (m), or (o) of section 414.
- correct
means, with respect to a transaction—
- correction period
means the 14-day period beginning on the date on which the disqualified person discovers, or reasonably should have discovered, that the transaction would (without regard to this paragraph and subsection (d)(23)) constitute a prohibited transaction.
- correction window
means the period of time beginning on the date on which the tax under subsection (a) is imposed with respect to a shortfall of distributions from a plan described in subsection (a), and ending on the earliest of—
- covered employee
means an individual who is (or was) provided coverage under a group health plan by virtue of the performance of services by the individual for 1 or more persons maintaining the plan (including as an employee defined in section 401(c)(1)).
- disposition
includes any distribution.
- disqualified benefit
means—
- disqualified person
means a person who is— The Secretary, after consultation and coordination with the Secretary of Labor or his delegate, may by regulation prescribe a percentage lower than 50 percent for subparagraphs (E) and (G) and lower than 10 percent for subparagraphs (H) and (I).
- election period
means the period which—
- eligible investment advice arrangement
means an arrangement—
- eligible investment expert
means any person which meets such requirements as the Secretary of Labor may provide and which does not bear any material affiliation or contractual relationship with any investment adviser or a related person thereof (or any employee, agent, or registered representative of the investment adviser or related person).
- eligible worker-owned cooperative
has the meaning given to such term by section 1042(c)(2).
- employee stock ownership plan
means a defined contribution plan— A plan shall not be treated as an employee stock ownership plan unless it meets the requirements of section 409(h), section 409(o), and, if applicable, section 409(n), section 409(p), and section 664(g) and, if the employer has a registration-type class of securities (as defined in section 409(e)(4)), it meets the requirements of section 409(e).
- employer
means the person treated as the employer under section 401(c)(4).
- employer reversion
means the amount of cash and the fair market value of other property received (directly or indirectly) by an employer from the qualified plan.
- employer securities
has the meaning given to such term by section 409(l).
- excess aggregate contribution
has the meaning given to such term by section 401(m)(6)(B).
- excess contributions
means the sum of— For purposes of this subsection, any contribution which is distributed from the individual retirement account or the individual retirement annuity in a distribution to which section 408(d)(4) applies shall be treated as an amount not contributed.
- excess fringe benefits
means, with respect to any calendar year—
- fiduciary
means any person who— Such term includes any person designated under section 405(c)(1)(B) of the Employee Retirement Income Security Act of 1974.
- fiduciary adviser
means, with respect to a plan, a person who is a fiduciary of the plan by reason of the provision of investment advice referred to in subsection (e)(3)(B) by the person to a participant or beneficiary of the plan and who is—
- full-time employee
means, with respect to any month, an employee who is employed on average at least 30 hours of service per week.
- group health plan
has the meaning given such term by section 9832(a).
- minimum required distribution
means the minimum amount required to be distributed during a taxable year under section 401(a)(9), 403(b)(10), 408(a)(6), 408(b)(3), or 457(d)(2), as the case may be, as determined under regulations prescribed by the Secretary.
- noncompliance period
means, with respect to any failure, the period—
- nondeductible contributions
means, with respect to any qualified employer plan, the sum of—
- nonelecting TAA-eligible individual
means a TAA-eligible individual who has a TAA-related loss of coverage and did not elect continuation coverage under this subsection during the TAA-related election period.
- part-time employee
means any employee who is customarily employed for fewer than 30 hours per week.
- plan
includes a trust described in section 501(c)(22).
- plan administrator
has the meaning given the term “administrator” by section 3(16)(A) of the Employee Retirement Income Security Act of 1974.
- plan sponsor
has the meaning given such term by section 432(j)(9).
- prohibited allocation
means—
- prohibited transaction
means any direct or indirect—
- qualified beneficiary
means, with respect to a covered employee under a group health plan, any other individual who, on the day before the qualifying event for that employee, is a beneficiary under the plan— Such term shall also include a child who is born to or placed for adoption with the covered employee during the period of continuation coverage under this section.
- qualified employer plan
means—
- qualified long-term care insurance contract
has the meaning given such term by section 7702B.
- qualified participant
means an individual who—
- qualified plan
means any plan meeting the requirements of section 401(a) or 403(a), other than— Such term shall include any plan which, at any time, has been determined by the Secretary to be a qualified plan.
- qualified replacement plan
means a qualified plan established or maintained by the employer in connection with a qualified plan termination (hereinafter referred to as the “replacement plan”) with respect to which the following requirements are met:
- qualified retirement plan
means— Such term includes any plan, contract, account, or annuity which, at any time, has been determined by the Secretary to be such a plan, contract, account, or annuity.
- qualified securities
has the meaning given to such term by section 1042(c)(1);
- qualifying employer security
means any employer security within the meaning of section 409(l).
- qualifying event
means, with respect to any covered employee, any of the following events which, but for the continuation coverage required under this subsection, would result in the loss of coverage of a qualified beneficiary— In the case of an event described in subparagraph (F), a loss of coverage includes a substantial elimination of coverage with respect to a qualified beneficiary described in subsection (g)(1)(D) within one year before or after the date of commencement of the proceeding.
- seasonal worker
means a worker who performs labor or services on a seasonal basis as defined by the Secretary of Labor, including workers covered by section 500.20(s)(1) of title 29, Code of Federal Regulations and retail workers employed exclusively during holiday seasons.
- security
has the meaning given such term by section 475(c)(2) (without regard to subparagraph (F)(iii) and the last sentence thereof).
- shareholder-employee
means an employee or officer of an S corporation who owns (or is considered as owning within the meaning of section 318(a)(1)) more than 5 percent of the outstanding stock of the corporation on any day during the taxable year of such corporation.
- small employer
means, with respect to a calendar year and a plan year, an employer who employed an average of at least 2 but not more than 50 employees on business days during the preceding calendar year and who employs at least 2 employees on the first day of the plan year.
- specified multiple employer health plan
means a group health plan which is—
- taxable period
means, with respect to any prohibited transaction, the period beginning with the date on which the prohibited transaction occurs and ending on the earliest of—
- unpaid minimum required contribution
means, with respect to any plan year, any minimum required contribution under section 430 for the plan year which is not paid on or before the due date (as determined under section 430(j)(1)) for the plan year.