A Trust account is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.
A Pension Plan Trust account is a trust account that holds assets for a qualified Pension Plan (as specified in Section 401(a) of the Internal Revenue Service Code). Settlor/Grantor is not required and 1099’s are not issued.