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Section 403(b) of the Internal Revenue Code

Federal statute allows retirement plans to be offered by public employers and tax-exempt organizations (e.g., charities, churches, hospitals, public school systems). The employer pays into the retirement annuity policy for employees, and payments may be excluded from the employees’ gross income for tax reasons. Also called tax-deferred annuity (TDA) plan or tax-sheltered annuity (TSA) plan .

Section 404 scheme order

The UK Treasury order under an FSMA s.404 scheme following an FSA ‘report and review’ proposal on the alleged widespread or regular failure by authorised persons to comply with rules relating to a particular kind of activity (e.g. mis-selling of pension schemes).

Section 404(c) of the Employee Retirement Income Security Act of 1974

Federal act that requires employers to offer employees at least three investment choices and each with different risk and return features. Individuals who participate must be able to switch quarterly from one fund to another. The Act requires that sufficient information must be provided so that employees can make wise financial investment decisions.

Section 457 of the Internal Revenue Code

Federal statute that allows a deferred retirement savings plan sponsored by a public employer (e.g., university, state, county, municipality). By mutual agreement, it lets the employer reduce the employee’s salary by a certain amount and invest this, with pretax dollars, in various financial instruments. At the end of employment, the principal amount invested and any earnings are given to the employee or to the employee’s estate.

Section 4958 of the Internal Revenue Code

Federal statute imposes a penalty excise tax on an excess benefit transaction of 25% of the excess benefit on the individual from inside the organization (disqualified person) receiving the benefit. Also imposes a penalty excise tax of 10% of the excess benefit on the manager in the organization awarding the excess benefit. If the excess benefit is not repaid to the tax-exempt organization in a reasonable time, the disqualified individual is assessed an additional tax penalty of 200% of the excess benefit received.