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June 19, 2018

New IRS PLR Resolves Yet Another Failure to Designate a Beneficiary for a Retirement Account

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Recently issued private letter ruling (PLR) 201821008 is yet another case of a failure to properly designate a beneficiary of a retirement account. Read about it here

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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

Required Minimum Distribution (RMD)

Definition The minimum amount that must be withdrawn from retirement accounts, including qualified plans, 403(b) accounts, 457(b) accounts or IRAs, each year.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

Required beginning date (RBD)

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

Designated Beneficiary

Definition A designated beneficiary is an individual (person) beneficiary whose is designated as beneficiary of  a qualified plan account, 403(b) account, 457(b) plan or IRA,

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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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