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Qualified Retirement Plan
What does it mean?
A plan that meets requirements of the Internal Revenue Code and as a result, is eligible to receive certain tax benefits. These plans must be for the exclusive benefit of employees or their beneficiaries.
In Other Words...
There are two kinds of qualified plans, defined benefit plans and defined contribution plans.
Some examples of defined contribution plans are 401(k) plans, money purchase pension plan and profit sharing plans.
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Related Terms
Education IRA | Exempt Income | Internal Revenue Service (IRS) | IRA | Pension Plan
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