Retirement Annuity

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Retirement Annuity

An annuity one purchases to provide for oneself in retirement. In general, one purchases a retirement annuity well before retirement and makes contributions to it throughout one's working life. The contributions are invested on behalf of the annuitant, who begins to receive payments from the annuity after retirement. Many retirement annuities (especially those sponsored by an employer) are tax-deferred, meaning that the annuitant does not pay taxes on the funds in the pension until he/she begins making withdrawals. Annuities may have defined contributions, defined benefits, or both. See also: 401(k), IRA.
References in periodicals archive ?
Administrators of employee benefit plans, as well as qualified retirement plans should determine if they meet the definition of fiduciary.
Retirement plan contributions for the owner are not deductible in computing SE tax.
As more employees count on employer-sponsored plans as their primary source of retirement income, it's crucial that employers and employees communicate when making decisions about their retirement plan.
Concluding that the law reflects the difference between carrying on a trade or business as a sole proprietor or partner as opposed to being an S shareholder, the court pointed out that S corporations can establish retirement plans for their employees, including those who are shareholders.
Nationwide recognizes that retirement plan legislation can be complex, even overwhelming, for retirement plan professionals who already have so much on their plates," said Karen Eisenbach, vice president of retirement plans marketing for Nationwide Financial.
Sometimes a qualified retirement plan allows for in-service distributions.
A QDRO creates or recognizes an alternate payee's (spouse, former spouse, child or dependent of a participant) right to all or a portion of a participant's retirement plan benefits.
Retirement Plan Trends in Today's Healthcare Market - 2006 focuses on healthcare organizations' defined contribution retirement plans with the largest number of participants other than their 401(a) plan.
4980A imposes an excise tax of 15% on excess distributions from qualified employer plans and individual retirement plans (defined in Sec.
For those with the means to step up their retirement savings, a frequent consideration is the limitation on annual contributions to qualified retirement plans.
In Letter Ruling 9232041, a decedent's remaining balance in a qualified retirement plan was paid to a grantor trust established by the decedent for the benefit of the decedent's spouse.

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