Is A Pension Plan Qualified?

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   David RacichPRO

   Fountain Hills, Arizona

   If the defined benefit or contribution plan is sanctioned under Employee Retirement Income Security Act (ERISA) of 1974, then yes it’s considered a qualified plan. The private sector generally offers defined contribution plans like 401(k)s that are pretax contributions and tax deferred accumulations. Upon retirement, the distributions are taxable as ordinary income.
    

   Answered on July 9, 2013

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