NYS LAH- Qualified plans other part 1
Not true of tax qualified annuities
Employer contributions are not tax deductible
True about defined benefit plan
High salaried employees with only a few years until retirement receive the highest contribution
Characteristic for defined benefit plan but not defined contribution plan
The amount of contributions made by the employer is determined by actuarial formula
in a defined contribution plan
The contribution is known and the benefit is unknown.
How are contributions to a tax-sheltered annuity treated with regards to taxation?
They are not included as income for the employee, but are taxable upon distribution
Under the 401(k) bonus or thrift plan, the employer will contribute
an undetermined percentage for each dollar contributed by the employee
A tax sheltered annuity is a special tax favored retirement plan available to
certain groups of employees only
Doesn't apply to defined plans
contributions are tied to company profits
Not true regarding section 457 deferred compensation plan
it has a vesting requirement
Not a requirement of qualified plans
plan must provide an offset for social security benefits
Taxation on contributions and earnings for a simple plan are
tax deferred until withdrawn
Not different between qualified and nonqualified retirement plans
taxation on accumulation
