Qualified Plans

Vesting requirements

-participants receive benefits after certain length of employment -Employee contributions made to a qualified plan must have these

SIMPLE plan

A SIMPLE plan is available to small businesses that employ not more than 100 employees receiving at least $5000 in compensation from the employer during the previous year.

Who would be allowed catch-up contributions in an individual qualified plan?

Individuals 50 or older

HR-10 plan

Qualified retirement plan for self-employed individuals. May be organized as a defined contribution plan or a defined benefit plan. Synonymous with Keogh Plan.

What does a qualified plan mean?

Tax advantages

The advantage of qualified plans to employers is

Tax-deductible contributions

A 403 (b) tax sheltered annuity is available for

Teachers and nonprofit organizations

Simplified Employee Pension plan (SEP)

A type of qualified plan suited for the small employer. An arrangement whereby an employee establishes and maintains an individual retirement account to which the employer contributes