Back to AI Flashcard MakerFinance /Chapter 9 Retirement Plans Quiz
An employer that offers a qualified retirement plan to its employees is eligible to
make tax-deductible contributions to the plan
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Key Terms
Term
Definition
An employer that offers a qualified retirement plan to its employees is eligible to
make tax-deductible contributions to the plan
A sole proprietor may use this plan ONLY if the employees of this business are included
a Keogh pension plan
Which product would best serve a retired individual looking to invest a lump sum of money through an insurance company
annuity
Premature IRA distributions are assessed a penalty tax of
10%
Who is normally considered to be the owner of a 403B tax sheltered annuity
the employee
What type of employee welfare plans are not subject to ERISA regulations
church plans
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| Term | Definition |
|---|---|
An employer that offers a qualified retirement plan to its employees is eligible to | make tax-deductible contributions to the plan |
A sole proprietor may use this plan ONLY if the employees of this business are included | a Keogh pension plan |
Which product would best serve a retired individual looking to invest a lump sum of money through an insurance company | annuity |
Premature IRA distributions are assessed a penalty tax of | 10% |
Who is normally considered to be the owner of a 403B tax sheltered annuity | the employee |
What type of employee welfare plans are not subject to ERISA regulations | church plans |
Which of the following is true if the owner of an IRA names their spouse as beneficiary, but then dies before any distributions are made? | the account can be rolled into the surviving spouse's IRA |
What is the excise tax rate the IRS imposes on individuals aged 70 1/2 or older who do not take the required minimum distributions from their qualified retirement plan | 50% |
How long does an individual have to “rollover” funds from an IRA or qualified plan | 60 days |
What is the maximum number of employees (earning at least $5000) that an employer can have in order to start a SIMPLE retirement plan | 100 |