Applicable RMD Age
Applicable RMD Age The first year for which an IRA owner or plan participant must begin to take RMDs from their tax-deferred retirement account. RMDs
Definitions
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SIMPLE 401(k) Plan
Definition A SIMPLE 401(k) plan is a 401(k) plan established by a small business for it’s employees. Earnings accrue on a tax-deferred basis and distributions
401K
Required Minimum Distribution (RMD)
Definition The minimum amount that must be withdrawn from retirement accounts, including qualified plans, 403(b) accounts, 457(b) accounts or IRAs, each year. For retirement account
401K
Required beginning date (RBD)
Definition The date by which a retirement account owner must begin distributing required minimum distribution (RMD) amounts from a Traditional, SEP or SIMPLE IRA, a
Simplified Employee Pension (SEP) IRA
Definition An IRA based retirement plan established by an employer (business) for its employees. Under a SEP IRA, the employer makes SEP contributions to Traditional
Domestic abuse distribution
A domestic abuse distribution is one that is made to domestic abuse victim, during the 1-year period beginning on any date on which the individual
Eligible retirement plan
The term “eligible retirement plan”, means a retirement plan to which a rollover contribution can be made. These are: (i)an individual retirement account described in
Retirement Plans for Small Businesses
SIMPLE IRA -Savings incentive match plan for employees of small employers
Definition Savings incentive match plan for employees of small employers (SIMPLE IRA) An IRA based retirement savings vehicle, established by a small business owner for
IRA
Individual Retirement Arrangement (IRA)
Definition Individual retirement arrangement (IRA) is an umbrella term that covers individual retirement account and individual retirement annuity. These are retirement savings vehicles established by
Qualified See-Through Trust beneficiary
Definition A qualified trust beneficiary is a trust that satisfies the requirements so as to be treated as a designated beneficiary. For retirement accounts inherited
