Chapter 11 Flashcards Preview

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Flashcards in Chapter 11 Deck (18)
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1
Q

Qualified Plan

A

Pension meeting requirements of IRAC sec. 401(a) eligible for tax favored treatment.

2
Q

Defined benefit plan

A

Plan in which benefits do not depend on how plan investments have fared financially.

3
Q

Tax-deferred

A

Tax paid at a later date possibly in a lower tax bracket.

4
Q

403b

A

Similar to a 401 for educators

5
Q

Rollover IRA

A

Account into which employee may deposit distribution of another retirement account to avoid tax penalty.

6
Q

Roth IRA

A

Plan in which contributions are not tax deferred but funds may grow tax free

7
Q

Keogh

A

A tax differed qualified retirement plan for self employed individuals and unincorporated businesses

8
Q

Defined Contribution Plan

A

Plan in which retirement benefits depend on how plan investments have fared

9
Q

ESOP

A

Employee Stock Ownership plan

10
Q

401k

A

Plan that allows employee to put part of earnings into tax-deferred investment account

11
Q

Annuity

A

Contract, usually sold by an insurance company to provide regular payments

12
Q

Actuarial Calculations

A

Use of statistics to determine probability, like life span.

13
Q

IRA

A

Individual Retirement Account

14
Q

ERISA

A

Employee Retirement Income Security Act

15
Q

PBGC

A

Pension Benefit Guaranty Corporation

16
Q

Vested

A

Legal Right to current or possession, for funds an employer puts into a fund

17
Q

Fiduciary

A

Acting on behalf of another in a relationship with special obligations

18
Q

QDRO

A

Qualified Domestic Relations Order, for divorced persons, the ex-spouse may be entitled to share in retirement benefits.