Term
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Definition
Employee retirement income security act was established to prevent abuse and misuse of pension funds.
21 or older and has done 1 yr of svc or 1,000 hrs.
IRS contribution limits must be observed.
Employees are entitled to their entire retirement benefits within a certain amount |
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Term
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Definition
Individual retirement account
*can not withdraw till 58 1/2
*must withdraw at 70 1/2 *or will be taxed 50% of the withdraw amount |
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Term
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Definition
For businesses with less than 100 employees
*Employer can match |
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Term
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Definition
| Pension/IRA for self employed and small businesses |
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Term
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Definition
Allow after tax contributions
*up to max annual amount
* |
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Term
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Definition
contributed w before tax $ and is not counted in yearly income
*no taxes till drawn
*can also be invested |
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Term
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Definition
Tax deferred till withdrawn
*can be invested & considered security
*no contribution limit
*tax deferred till drawn
*can be drawn in lump sum or payments |
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Term
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Definition
Ins company taxes deposits & invests as they choose
* |
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