I was thinking today about all of the acronyms that benefits professionals utilize when they “talk shop.” I was reminded of the very first benefits conference I ever attended, just out of law school (many years ago), which, upon hearing all of the vernacular, caused me to wonder if benefits folks were really from another planet. However, after practicing for awhile in the area, one does come to accept and use the most common acronyms that prevail in the industry, to the point that we sometimes forget what the acronym actually stands for. Anyway, here is a list and I am sure there are more, so email me ones that come to mind, and I will add them:
ERISA, IRC, DB, DC, CODA, IRAs, SEPs, SIMPLEs, SERPs, NQDC, ADEA, NESTEG, ERTA, TEFRA/DEFRA/REA, GUST, USERRA, SBJPA, TRA, RRA, CRA, UCA, OBRA, GATT, EGTRRA, JGGTRA, WFTRA, SOX, HSAs, HRAs, FSAs, HIPAA, COBRA, HMOs, DOL, EBSA, IRS, PBGC, HHS, CMS, EEOC, GAO, FASB, EPTA, TE/GE, ISOs, AMT, COLIs, DROPs, FLSA, FMLA, FICA, VEBAs, ESOPs, TRASOPs, PAYSOPs, KSOPs, SRI, ETI, LRMs, EPCRS, SCP, VCP, CAP, PT, UBTI, SPD, SMM, MEWA, QDRO, ACP/ADP, HCEs, non-HCEs or NHCEs, QNECs, J & S, . . .
(Not to mention all of the benefit plans known by Code section number (such as 401(k)’s, 457’s, 403(b)’s, etc., or short phrases such as “rollover”, “cash-out”, “orphan plan”, etc. which have their own peculiar meanings.)