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
Annuity that provides income payments for a number of years provided the annuitant is alive to receive them. All income payments cease upon the death of the annuitant. ...
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Number of individuals exposed to the risk of illness, sickness, and disease at each age, and the actual number of individuals who incurred an illness, sickness, and disease at each age. ...
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Largest property and casualty insurance company trade association in the world (international membership)whose objectives include the service of its membership through positive legislation ...
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