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Retirement Plans - Coggle Diagram
Retirement Plans
Qualified Employer Retirement Plans
Defined Benefit Plans
Cash or Deferred Arrangements (401(k) Plans)
Defined Contribution Plans
Tax-Sheltered Accounts (403(b) Plans)
IRC Section 457 Deferred Compensation Plans
Basic Concepts
ERISA 1974
Employer Rules
Employee protection
Coverage Requirements
must pass IRS non-discrimination tests or lose tax benefits
Vesting Schedules
Employers use retirement plans with vesting to attract, retain, and boost employee morale and loyalty.
Funding Standards
Contributions
Participation Standards
Employees 21+ with one year service can join
two years if 100% vested.
Individual Retirement Plans
Traditional IRA
Participation
Contributions
Withdrawals
Funding
Roth IRA
Non-Qualified Roth Withdrawal
No Required Distributions
Qualified Roth Withdrawals
Spousal IRA
Rollover IRA
Pension Protection Act of 2006
Qualified versus Non-Qualified Plans
tax-advantaged retirement savings grow.
Qualified Plans
offer tax deductions
tax-deferred growth until retirement
Qualified employer plans:
tax-free contributions
tax-deferred growth
Qualified Plans for the Small Employer
Keogh Plans (HR-10s)
Simplified Employee Pensions (SEPs)