February 16, 2009
An employer sponsored retirement plan designed to provide participants with annuitized income stream during retirement. Pension plans include defined benefit plans, money purchase pension plans and target benefit plans.
IRC § 401(a)
Participants and beneficiaries may be given the option to take distributions in lump-sum payments instead of in annuity income streams
RMD Correction window The correction window is the period during which a missed required minimum distribution (RMD) can be corrected in a way that may
Definition A distribution that is excludable from the distributee’s income, as a result of meeting the following requirements: It is made after the distributee reaches
Definition Also known as the Saver’s Tax Credit: Nonrefundable tax credit available to eligible individuals who make contributions to their retirement account. The saver’s credit
Who is an active participant? Active participant status affects an individual’s eligibility to take a deduction for a contribution to a traditional IRA on his/her