What is NOT a requirement of a qualified plan?

A qualified plan is designed to provide retirement benefits and must meet specific requirements set by the Internal Revenue Code. One key aspect of these plans is that they are meant to be permanent in nature, rather than temporary, which is why the assertion that a plan must be temporary is indeed not a requirement.

Qualified plans are structured to ensure tax advantages, such as tax-deferred growth and specific tax benefits for contributions made by both employees and employers. They also have prescribed contribution limits to ensure they meet regulatory standards and maintain their qualified status. Thus, the plan's framework is inherently meant to provide long-term benefits rather than being temporary, which is a crucial distinguishing factor of a qualified plan.