An employee benefit or retirement plan that is eligible for favorable tax treatment through meeting certain IRS criteria.

A requirement of this trust is that the underlying beneficiary may use his or her life expectancy to determine the required minimum distribution (RMD) amounts. This includes those for the beneficiary of a retirement account. Additionally, the beneficiaries of the trust receiving the benefit must be identifiable and the IRA trustee, custodian, or plan administrator must be provided with a copy of the trust instrument. Other requirements have to do with validity and irrevocability.