Individual Retirement Account Plus (ira Plus)
Proposal, endorsed by then-President Bush and Secretary of the Treasury Nicholas Brady, which expands in a significant manner the number of individuals who could take advantage of the effect of tax-deferred compounding of savings for retirement. The plan would be available to everyone since there are no income caps, to include employees who are covered under an employer's qualified pension plan. A spouse without an earned income could also establish such an account. Contributions to this account would be made with after-tax dollars. All principal would compound on a tax-free basis, so that no taxes would be due upon distribution. As the plan is currently designed, a participant could withdraw without penalty up to 25% of his or her account to purchase a first home, to meet catastrophic medical bills, or to pay for college expenses. Contrast with individual retirement account (IRA).
Popular Insurance Terms
Present value computation of the accrued or projected benefits of a retirement plan. This computation is known as the actuarial valuation because it is based on probability (retirement ...
Principle of surplus distribution as the result of excess funds above the amount required to establish legal reserves. These excess funds are generated from three sources: mortality ...
Reinsurance broker for a primary company (the re-insured). This broker is paid commissions by the reinsurance company, just as an agent is paid commissions by an insurance company for ...
Provision by an employer for the economic and social welfare of employees. Generally include: pension plans for retirement; group life insurance for death; group health insurance for ...
Stipulations of the rights and obligations of an insured and an insurer under a policy. ...
Individual or other entity who owns an insurance policy. Synonymous with policyowner. ...
Failure to exercise proper care. Many property insurance policies exclude losses that result from negligence. Neglect is also the basis for many liability suits. If an injury can be ...
Coverage underwritten on members of a natural group, such as employees of a particular business, union, association, or employer group. Each employee is entitled to benefits for hospital ...
Total earned premiums minus total expenses and losses paid of the insurance company. ...
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