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February 17, 2009


Your Guide



The act of making updates or changes to a plan’s provisions, features and/or benefits. Some amendments are required by law, whereas others are done at the employer’s discretion. For instance, the GUST and EGTRRA amendments are required by law.

Referring Cite

Rev. Proc. 2000-20, Notice 2006-44 ,Rev. Proc. 2002-73, 2002-49; Rev. Proc. 2003-72

Additional Helpful Information

Amendments that are required by law must usually be completed within timeframes established under the tax code or other authority. Failure to complete these amendments on a timely basis could result in the plan losing it’s tax-deferred status.


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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

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

Saver’s Credit

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

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IRA Rules