What Is Qualified Retirement Plan? 
A qualified retirement plan can be a defined benefit plan or defined contribution plan . The private business sector and individuals generally choose defined contribution plans like 401 -LRB- k -RRB- s , 403 -LRB- b -RRB- s , Roth IRAs and traditional IRAs . Many of these plans fall under the regulatory legislation called The Employee Retirement Income Security Act of 1974 -LRB- ERISA . -RRB- 