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 ?
The Employee Retirement Income Security Act of 1974 (ERISA) is the milestone legislation which governs employee retirement plans and specifically defines the duties and responsibilities of fiduciaries.
Caveat: While the limit on tax-free loans from a retirement plan may be $100,000, the maximum amount that an individual may be able to borrow could be less.
Supreme Court ruling that has protected retirement plan assets for the past 12 years is Patterson v.
But the leading reason of claims against plan service providers seems to be the "top-heavy" status of qualified retirement plans.
In some cases, relatively minor changes in structuring an arrangement could have avoided problems that complicate the design of the optimal retirement plan for physicians.
Employers can match employee health savings account contributions, but less generously than the qualified retirement plan match.
ALTHOUGH MOST CPAs HAVE their own personal retirement accounts, a surprising number of practitioners don't have formal retirement plans for their businesses.
In summary, the ruling does not represent a new way of thinking by the IRS on FICA taxation of retirement plan contributions, nor does it create any new opportunities for plan design.
Krause, Retirement Specialist Southeast was previously a wholesaler of mutual funds, variable annuities, and retirement plans with Kemper Financial Services, Inc.
In my opinion, some advisers and retirement plan service providers are taking the wrong approach by relying too much on mutual fund prospectuses, participant web sites, and participant statements to disclose participant fees.
The advantage of naming a charity as the primary beneficiary is that the retirement plan interests will not be subject to estate or income taxes.
Disqualified persons acting as retirement plan fiduciaries are subject to additional prohibitions.

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