Is Profit Sharing A Retirement Plan?

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   David RacichPRO

   Fountain Hills, Arizona

   A profit sharing plan is an employer qualified defined contribution plan based on the salary level of the participant (employee). The contributions are tax deductible. The plan account accumulates tax deferred. The distributions are taxable as ordinary income. A profit sharing plan is under ERISA (The Employee Retirement Income Security Act of 1974.
    

   Answered on July 2, 2013

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