qualified plan

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Qualified Plan

An annuity that one buys along with one's employer. That is, the annuitant and his/her employer both make tax-deferred contributions to the plan for a certain period, with withdrawals coming upon retirement. If the annuitant begins withdrawals before a certain age, withdrawal penalties apply. One may continue to make contributions until a certain age, usually around 65.

qualified plan

An employer-sponsored tax-deferred employee benefit plan that meets the standards of the Internal Revenue Code of 1954 and that qualifies for favorable tax treatment. Contributions by an employer and an employee accumulate without being taxed until payouts are made at the employee's retirement or termination.
References in periodicals archive ?
Matthew reminisced about his earliest recollection of working with his father in the life insurance business: "I remember when I was 13 years old, I was doing data entry on qualified plans.
Early distributions from qualified plans to terminated public safety employees; and
Put away as much as you can in your qualified plan because assets in qualified plans under ERISA are not subject to attachment.
Qualified plans are governed primarily by the Employee Retirement Income Security Act of 1974 (ERISA), while the rules for nonqualified plans are often diffuse.
Loans from qualified plans may not exceed the lesser of $50,000 or 50% of the individual's nonforfeitable accrued benefit under section 72(p).
Two insurers have announced new ways to protect retirement savings in qualified plans during a worker's disability.
Qualified plan sales are an exciting option for investment professionals in growing their businesses, and we want to help them better understand and use qualified plans as they expand.
These changes generally increase the amount of contributions and benefits that can be provided under these plans and should encourage employers to establish new qualified plans and continue maintaining existing plans, as well as enable highly compensated individuals to utilize more fully the benefits associated with these plans.
Qualified plans include 401(k)s, 403(b)s, defined-benefit and defined-contribution plans, Keoghs and profit-sharing plans.
The unintended consequence of this would be to create "churning" in the market by encouraging consumers to drop their pre-HIPAA coverage and buy post-HIPAA tax qualified plans, at their current age, which would likely cost more.
This change has greatly reduced the benefits of qualified plans for anyone making more than $150,000 a year.

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