February 16, 2009
An eligible individual who participates in an employer sponsored retirement plan upon or after meeting the plan’s eligibility requirements. The term is also used to refer to individuals who maintain Traditional and Roth IRAs.
The plan document defines a participant
Governing plan document
A participant’s active status in an employer sponsored plan may affect his/her ability to deduct a Traditional IRA contribution
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
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
Definition The minimum amount that must be withdrawn from retirement accounts, including qualified plans, 403(b) accounts, 457(b) accounts or IRAs, each year.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
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
