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April 29, 2017

IRS Extends 60-Day Rollover Deadline: PLR No. 201709023

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The IRS extended the 60-day deadline for  a taxpayer, whose children applied for the waiver, citing medical issues, specifically , that the IRA owner showed signs of confusion, memory loss, and other cognitive impairment.  Click here for a copy of the PLR

 

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Catch-up Contribution

Definition An additional contribution that can be made to a retirement plan by a participant who is at least age-50 by the end of the

Salary Deferral Contribution

Definition A contribution made pursuant to a participant’s election to have a portion of his/her salary/wages  contributed to his/ her employer sponsored plan  rather than

Key Employee

Definition An employee who, at any time during the plan year, is (i) an officer of the employer having an annual compensation greater than $180,000,

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

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 The Retirement Dictionary was created to provide IRAs and employer retirement plan information in an easy-to-understand manner for individuals at all levels of expertise and to help educate everyone about how retirement plans work.

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