Before 1974, a few U.S. employers had been giving their staff the option of receiving cash in lieu of an employer-paid contribution to their tax-qualified retirement plan accounts. The U.S. Congress banned new

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There are two main types corresponding to the same distinction in an Individual Retirement Account (IRA); variously referred to as traditional vs. Roth, or tax-deferred vs. tax exempt, or EET vs. TEE.
Traditional
Income taxeson

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Generally, a 401(k) participant may begin to withdraw money from his or her plan after reaching the age of 59+1⁄2 without penalty. The Internal

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Rollovers between eligible retirement plans are accomplished in one of two ways: by a distribution to the participant and a subsequent rollover to another plan or by a direct rollover from plan to plan. Rollovers after a distribution to the participant must generally

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Contribution deferral limits
There is a maximum limit on the total yearly employee pre-tax or Roth salary deferral into the plan. This

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The Economic Growth and Tax Relief Reconciliation Act of 2001(EGTRRA) made 401(k) plans more beneficial to the self-employed. The two key changes enacted related to the allowable "Employer" deductible contribution, and the "Individual" IRC-415

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Even though the term "401(k)" is a reference to a specific provision of the U.S. Internal Revenue Code section 401, it has become so well known that it has been used elsewhere as a

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