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
In life insurance, action by an insurance company canceling premium payments by an insured who has been disabled for at least six months. The policy remains in force and continues to build ...
Portion of reinsurance premium received by the reinsurer that relates to the unexpired part of the reinsured policy. ...
Form of state rating legislation that allows each property/liability insurer to choose between using rates set by a bureau or its own rates. Individual states regulate insurers and approve ...
Will written totally in the handwriting of that individual whose name appears on the will. ...
Provision that excludes from coverage under Form No. 3: flood damage, except if the flood causes a fire, explosion, or theft; water damage from the backup of sewers; earthquake, except if ...
Same as term: engineering approach; human approach ...
In some life insurance policies, provision that permits the beneficiary, upon the death of the insured, to receive not only the death benefit payable under the policy but also all premiums ...
Mortality table that is a picture of the actual living and/or dying of the population (the universe) upon which the mortality table is based. No additions or subtractions are made to these ...
Expense listed on the Income and Expenditure accounting statement for the unexpired insurance policy owned. ...
Have a question or comment?
We're here to help.