Details Title: ASPPA DC-2 Chapter 9 Key Terms Description: ASPPA DC-2 Chapter 9 Key Terms Total Flash Cards: 6 Created: 08/06/2009 08:37:53		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Finance Flashcards
Cards in this set: Term Additonal income tax on early distribuiton Definition A tax levied on distributions paid to participant's before he or she attains age 59 1/2. A exception would be for certain substantially equal payments made after a participant's separation form service and distributions made to participants who separate from service after attaining age 55. Term Balance to the credit Definition "The entire value of a participants accrued benefit, including amounts that are not includible in income (basis)." Term Basis Definition Amount of the participant's balance that is not included in income. Term Eligible rollover distribution Definition "Any distribution to the participant of all or any portion of his benefit, unless it is specifically excluded." Term Lump sum distribution Definition A payment that constitutes the balance to the credit of the employee and must be made within one taxable year following a proper distribution event. Term Rollover Definition The transfer of a qualified plan distribution (or part of the distribution) to another retirement plan or to an IRA.