Plan Sponsor

A plan sponsor is an organization or entity that establishes and maintains an employee benefit plan, such as a retirement savings plan or health insurance. Essentially, the plan sponsor is responsible for the plan's design, funding, and compliance with regulations. This could be an employer, a union, or a government agency. The sponsor ensures that the plan meets the needs of its participants and manages the plan's overall administration, including contributions and investment options, helping employees prepare for retirement or access health-related benefits.