Individual Account Plan Law and Legal Definition
According to 29 USCS § 1002 (Title 29; Chapter 18; Employee Retirement Income Security Program; Protection of Employee Benefit Rights; General Provisions), the term "individual account plan" or "defined contribution plan" means “a pension plan which provided for an individual account for each participant and for benefits based solely upon the amount contributed to the participant's account, and any income, expenses, gains and losses, and any forfeitures of accounts of other participants which may be allocated to such participant's account.”
