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Employee Retirement Income Security Act of 1974 (ERISA)

A federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.

Internal Revenue Code (IRC)

The main body of federal tax law in the United States, administered by the Internal Revenue Service (IRS).

Pension-linked emergency savings account

A special savings account offered through an employer's retirement plan, designed for short-term emergencies, that allows employees to save money separately from their retirement funds.

Individual account plan / Defined contribution plan

A type of retirement plan, like a 401(k), where both the employer and employee contribute to an individual account, and the retirement benefit depends on the amount contributed and investment gains.

Eligible participant

A person who meets the specific requirements set by a plan or law to be able to join or benefit from that plan.

Contribution maximum

The highest amount of money that can be put into a specific type of account within a given period, usually a year, as set by law or plan rules.