NYS LAH- Qualified plans other part 1

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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tax deferred until withdrawn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


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