Plan Sponsor
Definition:
A plan sponsor is an organization which takes on and maintains benefit programs for employees, including administration and renegotiation with third-party providers.
This may be an employer but can also be trade unions or other professional industry organisations. The responsibilities of a plan sponsor include the following:
- Providing contribution payments (in the form of cash or stock)
- Investment choices
- Determining membership parameters
Part of speech:
noun
Use in a sentence:
The help of a plan sponsor.
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