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Pension benefits are more easily defined in ERISA as a plan, fund, or program that provides retirement income to employees, or results in a deferral of income by employees for periods extending to the termination of covered employment or beyond.

Some pension plan exemptions from ERISA are severance pay plans,² bonus programs, individual retirement accounts, gratuitous payments to pre-Act retirees, certain tax-sheltered annuities, and supplemental unemployment compensation plans.

As with welfare benefit plans, the auditor should not be making the decision whether a pension plan is subject to ERISA. The auditor needs to be aware that this is a complicated decision that affects many factors beyond the annual filing. Where the client seeks some assistance on this matter, the auditor may wish to direct the client to the listing of Advisory Opinions found on the website for the Employee Benefits Security Administration (EBSA). Many of these provide insight into when an arrangement is subject to ERISA.