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Simple English definitions for legal terms

individual account plan

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A quick definition of individual account plan:

An individual account plan is a type of employee benefit plan where the employer contributes a set amount of money into an account for each employee. This is also known as a defined-contribution plan. The employee can then choose how to invest the money in their account and the amount they receive at retirement depends on the performance of their investments.

A more thorough explanation:

An individual account plan is a type of employee benefit plan where an employer contributes a certain amount of money to an individual account for each employee. The employee can then decide how to invest the money in the account. The amount of money in the account at retirement depends on the performance of the investments chosen by the employee.

Examples of individual account plans include:

  • 401(k) plans
  • 403(b) plans
  • Individual Retirement Accounts (IRAs)

These plans are called "defined-contribution plans" because the employer defines how much money they will contribute to the employee's account, but the final amount of money in the account is not guaranteed.

For example, if an employer contributes $5,000 to an employee's 401(k) account each year and the employee chooses to invest the money in stocks, the final amount of money in the account at retirement will depend on how well the stock market performs over the years.

individual | individual asset

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JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
Dkk
9:16
@renard99: Poetic and nice.
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