What Does Qualified Retirement Plan Mean?

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   David RacichPRO

   Fountain Hills, Arizona

   Most qualified retirement plans are under ERISA (The Employee Retirement Income Security Act of 1974.) They’re usually employer sponsored or individually elected plans, i.e. employer examples would be 401(k)s, SEPs or 412(e). Individual plans examples would be Roth IRAs or traditional IRAs. The contributions are tax deductible. The plan account accumulates tax deferred. The distributions are taxable as ordinary income.
    

   Answered on July 2, 2013

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