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Internal Revenue Code of 1986

The primary collection of federal tax laws in the United States.

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.

Qualified Automatic Contribution Arrangement (QACA)

A specific type of 401(k) plan feature where employees are automatically enrolled at a certain contribution rate unless they actively opt out, and the employer generally provides matching contributions.

Eligible Automatic Contribution Arrangement (EACA)

Another type of 401(k) plan feature that automatically enrolls employees, similar to a QACA but with slightly different rules, often allowing a shorter period for employees to withdraw contributions without penalty.

Automatic Reenrollment

The process where an employee is automatically placed back into a retirement savings plan after previously opting out, unless they choose to opt out again.

Affirmative Election

An active, deliberate choice made by an employee, such as specifically choosing to participate in a plan or specifically choosing not to.