An Individual Retirement Account (IRA) is a trust fund designed for individual employees to save for retirement with tax advantages. Contributions, limits, and tax benefits all depend on various conditions such as income level and participation in other qualified plans.
A comprehensive strategy document utilized in various sectors such as general planning, real estate development, and taxation, outlining overall development or operational concepts and objectives.
A noncontributory qualified pension or profit-sharing plan (NQP/PSP) is a retirement plan entirely funded by the employer, with no contributions required from the employees. These plans are established for the employees' benefit, ensuring financial security upon retirement.
A pension plan is a retirement savings program sponsored by an employer that provides its employees with regular income post-retirement. There are various types of pension plans, each with different rules regarding contributions, benefits, and tax treatment.
A pension or profit-sharing plan set up by an employer for the benefit of employees, adhering to IRS rules, where contributions are deductible for the employer, trust income is not taxable, and employees are taxed only upon distribution.
An irrevocable trust used to fund deferred compensation benefits for key employees in the absence of a qualified plan or trust, ensuring some financial security against company risks.
