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February 17, 2009

Keogh Plan

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Definition

A qualified plan established by a self-employed individual. The term can be used to refer to defined benefit plans, money purchase and other pension plans, profit sharing and 401(k) plans.

Referring Cite

IRC § 401(a)

Additional Helpful Information

  • Keoghs can cover employees of the self-employed business owner
  • When discussing Keoghs with financial institutions, it is best to use the term of the actual type of qualified plan ( profit sharing etc), so the financial institution is able to provides responsible applicable to the specific type of plan
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