A defined-contribution plan to which employer contributions are fixed. Employers may contribute up to 25% of employees' compensation to a money-purchase pension plan.
The amount of income that determines how much of an individual's IRA contribution is deductible. The modified adjusted gross income is found by taking the individual's adjusted gross income and adding back certain items such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs. The higher the modified adjusted gross income, the more the deductible amount of the IRA contribution will be reduced, possibly going down even to zero. If this happens, one can still contribute to an IRA plan, it's just that the whole amount contributed will not be tax deductible. The amount calculated in MAGI will often be similar or even the same as adjusted gross income.
A joint federal and state program that helps low-income individuals or families pay for the costs associated with long-term medical and custodial care, provided they qualify. Although largely funded by the federal government, Medicaid is run by the state where coverage may vary. In many states, nursing home stays for non-skilled, custodial care is all that is covered, meaning staying at home and receiving medical care is not always an option. In addition, Medicaid may not be accepted by all nursing homes nor will it cover recreational activities or any other forms of non-medical care. However, it does cover the entire cost for your stay in a facility as long as you need the care.
A Canadian retirement savings vehicle that is registered with the Canadian government and is being used to produce retirement income for the beneficiary. Though a matured RRSP is similar to an RRIF in the sense that they both pay retirement income to the beneficiary, an RRIF has been transferred to a carrier, re-registered with the government as a different registered financial instrument and makes regular payments to the annuitant. A matured RRSP does not make payments. In order for the beneficiary to get money out of a matured RRSP, he or she must make periodic withdrawals.
A type of contribution an employer chooses to make to his or her employee's employer-sponsored retirement plan. The contribution is based on elective deferral contributions made by the employee. Generally, the employer's contribution may match the employee's elective deferral contribution up to a certain dollar amount or percentage of compensation.
A special sum of money saved or invested for one specific future purpose. Examples of the purposes for which nest eggs are usually intended include retirement, education, and even entertainment (vacations and cruises). The main idea is that the money in the nest egg shouldn't be touched except for the purpose for which you saved it.
The fiduciary that holds responsibility over a given financial account. The named fiduciary is responsible for operating and administering a qualified retirement plan under the Employee Retirement Income Security Act (ERISA), which is meant to protect participants in private-sector retirement plans. The named fiduciary is required to act in the plan participants’ best interests. However, the named fiduciary is not required to be a financial expert, so it may choose to appoint an investment manager to oversee the plan’s assets. The named fiduciary is just one of several types of fiduciaries involved in running a qualified retirement plan. Others include the plan administrator, trustee, investment manager and investment advisor. A fiduciary who mismanages a plan can be held personally liable.
A clause found in qualified retirement plans stating that all employees of a company must be eligible for the same benefits, regardless of position within the company. The rule keeps plans from being discriminatory toward highly-compensated employees and company executives. Nondiscrimination rules are required for a plan to be considered qualified under the Employee Retirement Income Security Act (ERISA). A company may offer non-qualified plans (meaning that contributions are not tax deductible) that are discriminatory or selective in nature, in addition to standard qualified plans. Nondiscrimination rules must be kept up even when retirement plans such as 401(k)s are amended or transferred to another trustee, according to ERISA guidelines.
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