1. Money

Your suggestion is on its way!

An email with a link to:

http://retireplan.about.com/lw/Business-Finance/Personal-finance/Retirement-Plan-Custodians.htm

was emailed to:

Thanks for sharing About.com with others!

You can opt-out at any time. Please refer to our privacy policy for contact information.

Retirement Plan Custodians

Retirement Plan Custodians Make Sure Your Money Stays Where You Put It

By David Fisher

(LifeWire) - A retirement plan custodian is a financial firm that is engaged to ensure that your retirement funds are kept separate from -- and are protected from -- your employer and your employer's creditors. Custodians also handle any necessary paperwork and tax reporting that your retirement plan generates.

A custodian is required for most qualified retirement accounts. These include employer-sponsored plans, such as 401(k)s, 403(b)s, SIMPLE IRAs and SEP IRAs; and personal accounts, such as traditional IRAs and Roth IRAs.

The custodian does not set the rules -- those are governed by the Internal Revenue Service and the account-creator's choices. The custodian simply ensures that they are followed.

LifeWire, a part of The New York Times Company, provides original and syndicated online lifestyle content. David Fisher is a freelance writer based in Bend, Ore. In addition to 25 years as a writer and editor, he has worked as a professional financial adviser.

©2014 About.com. All rights reserved.