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February 16, 2009

Plan year

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Definition

A 12-month period of which the operation of the plan is based. The plan year can be a calendar-year or a fiscal-year.

Referring Cite

Governing plan document

Additional Helpful Information

  • SIMPLEs cannot be maintained on a fiscal year
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Qualified Charitable Distribution (QCD)

Definition A distribution that is excludable from the distributee’s income, as a result of meeting the following requirements: It is made after the distributee reaches

Saver’s Credit

Definition Also known as the Saver’s Tax Credit: Nonrefundable tax credit available to eligible individuals who make contributions to their retirement account. The saver’s credit

Catch-up Contribution

Definition An additional contribution that can be made to a retirement plan by a participant who is at least age-50 by the end of the

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