February 16, 2009
An employer sponsored retirement plan designed to provide participants with annuitized income stream during retirement. Pension plans include defined benefit plans, money purchase pension plans and target benefit plans.
IRC § 401(a)
Participants and beneficiaries may be given the option to take distributions in lump-sum payments instead of in annuity income streams
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Definition The minimum amount that must be withdrawn from retirement accounts, including qualified plans, 403(b) accounts, 457(b) accounts or IRAs, each year.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
