Plan participants

Plan participants

Employees or other beneficiaries who are eligible to receive benefits from a company's employee benefit plan.

Plan Participant

One who contributes to and/or is eligible to receive benefits from an employer-sponsored retirement plan or pension. This includes person(s) contributing to a 401(k), as well as retired persons who are making withdrawals from their accounts. Plan participants' rights with regard to their plans are regulated by the Employee Retirement Income Security Act (ERISA). Covered employees have the right to see the plan's annual tax forms on demand, and the right to sue the plan. Generally, planned participants need to participate in the plan for a certain number of years before becoming eligible for the maximum allowable benefits.