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Series 6

Unit 3 QQ3.Q 403(b) Plans/ Corporate Retirement Plans

QuestionAnswer
Tax- Sheltered Annuity (TSA) An ins contract that entitles the holder to ex all cont from gross income in the yr they are made.These are sold as part of 403b plan.Tax payable on the earning is def until holder w/d funds at retirement. Available to pub schools, church, and tax ex orgs
Defined Benefit Plan A qualified retirement plan that specifies the amount of money that the employee will receive at retirement.
Defined Contribution Plan A qualified retirement plan that specifies the amound of money that the employer will contribute annually to the plan.
401(k) Plans Type of defined contribution plan that are excluded from employees gross income and accumulate tax deferred. ERs may make matching contributions up to a specified % of EE contributions. Permit certain hardship w/d
Roth 401(k) after tax contributions but allows tax free w/d, provided the plan owner is at least 59.5. If employer matches it must be into seperate traditional 401k plan and taken by 70.5.
Required Beginning Date A PT must begin to receive dist from his qualified retirement plan by 4/1 of the later of: 1st yr after calendar yr in which he reaches 70.5; after calendar year in which he retires from employer. If 70.5 and still working, none required.
Created by: ericjrolon