Revocable Trust
Definition A trust, which, by its terms, cannot be modified, amended, or revoked. For tax purposes an irrevocable trust can be treated as a simple,
401K
A tax-deferred employer-provided retirement savings account, to which eligible employees may defer part of their salary. Salary deferral can be pre-tax or post-tax include Roth 401(k)s.
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Reverse Mortgage
Definition Program that allows homeowners, typically age 62 and older, to convert the equity in their home to income. Under a reverse mortgage program, the
Revenue Ruling
Definition A revenue ruling is an official interpretation by the IRS of the Internal Revenue Code, related statutes, tax treaties and regulations. It is the
Revenue Procedure
Definition A revenue procedure is an official statement of a procedure that affects the rights or duties of taxpayers or other members of the public
Retirement Wealth Evaporation
Definition The shrinking in value of retirement asset , resulting in the reduction of amount available for retirement wealth decumulation. Wealth evaporation usually occurs as
Restorative payment
Definition Qualified Plans A payment that is made to restore losses to a retirement plan, where the loss is as a result from actions by
Remaindermen
Definition The party who will receive the remaining principal of a trust, when the principal beneficiary dies . For example: A’s trust is designed to
Controlled group
Definition Businesses that share common ownership. Depending on the percentage of ownership, companies under a controlled group ( common control) must be treated as one company
Regulation
Definition A regulation is issued by the Internal Revenue Service and Treasury Department to provide guidance for new legislation or to address issues that arise
Summary plan description
Definition A document that must be provided to participants of qualified pans; providing explanations of their rights, benefits, and responsibilities under the plan. SPDs must
