1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    For a pension plan to be “Qualified” it must comply with the Internal Revenue Code (IRC.)  Employer sponsored plans that provide for separate employee accounts can qualify under section 401(k) of the IRC.  Retirement plans do not need to be qualified but to obtain a reduction in current income tax, they must be qualified.  An Individual Retirement Account is qualified under the IRC.
    Answered on August 21, 2014
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