A distribution of eligible rollover assets from a qualified plan, 403(b) plan, or a governmental 457 plan to a Traditional IRA, qualified plan, 403(b) plan, or a governmental 457 plan; or a distribution from an IRA to a qualified plan, 403(b) plan or a governmental 457 plan. Direct rollover assets are made payable to the qualified plan or IRA Custodian/Trustee, never to the individual. A direct rollover is reportable but not taxable.
A formal document issued by the IRS that decrees whether or not the retirement plan of the addressee is within Employee Retirement Income Security Act (ERISA) guidelines. If the plan is determined to be lacking in some respect, the shortcomings and necessary action to be taken will be listed. If the plan meets all of the requirements set forth by ERISA, then the plan becomes certified as a qualified plan and is eligible for all resulting tax benefits. Determination letters must be requested from the local IRS district office of the employer. If a plan is found to be deficient, then after corrections are made a second letter will be issued. This process can repeat itself until the plan is found to be compliant with ERISA guidelines. Determination letters can also be issued pursuant to proposed changes in an existing plan if needed.
A distribution from an IRA, qualified plan, 403(b) plan or 457 plan that is eligible to be rolled over to another eligible retirement plan. Often, an eligible rollover distribution occurs when an individual leaves the service of an employer. The rollover rules allow the individual to bring the assets to their IRAs or a retirement plan at a new employer.
A contribution arrangement of an employer-sponsored retirement plan under which participants can choose to set aside part of their pretax compensation as a contribution to the plan. Also known as "salary-deferral" or "salary-reduction contributions". When making these contributions, employees defer the tax on the money until it is distributed to them.
A savings plan for higher education. Parents and guardians are allowed to make nondeductible contributions to an education IRA for a child under the age of 18. The education IRA is now refered to as the Coverdell ESA. The funds in an education IRA can be withdrawn tax free when they are needed for educational purposes.
The removal of funds from a fixed-term investment before the maturity date, or the removal of funds from a tax-deferred investment account or retirement savings account, such as an IRA or 401(k) before a prescribed time. Early withdrawal could be anything earlier than the account owner's attainment of a prescribed minimum age requirement, or the maturity of a fixed-term investment, such as a certificate of deposit (CD). When an early withdrawal is made, the investor usually incurs an early withdrawal fee, which acts as a deterrent to frequent withdrawals before the end of the early withdrawal period. As such, an investor would usually only opt for early withdrawals if there were pressing financial concerns that warranted it, or if he or she had a markedly better use for the funds.
A term that can refer to any charge for admission. However, it is commonly used in reference to continuing-care retirement communities (CCRCs). Rather than purchase a unit in a CCRC, residents typically pay a high entrance fee and monthly payments. The entrance fee is paid in exchange for services provided at the CCRC, such as nursing care throughout the lifetime of the resident. In terms of investment, the longer you live the more services you use up and, therefore, you make better use of the entrance fee. There are many financial, legal and medical issues to consider when choosing a CCRC. It is recommended that residents, their families and/or professional advisors research a prospective CCRC thoroughly before the entrance fee commitment is made.
A type of business succession plan that is used by companies that have more than one owner. The plan involves having the company take out an insurance policy on the lives of owners in the amount equal to each owner's interest. In the event of death, the amount collected by the company from the insurance, which is equal to the deceased owners stake, is used to pay the deceased's estate for its share of the business. The advantage of this type of succession plan is that the owners know their respective stakes in the company will be paid out to their estates, and that the company will continue to be run by the other partners. Having this type of succession plan, (which is paid for by the company) allows the owners to avoid any out-of-pocket expenses while also looking after their families in the event of death.
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