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New Member
posted Jan 29, 2021 2:09:37 PM

Does FRS (Florida Retirement System) Pension plan 401(a) qualify for retirement plan credit?

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2 Replies
Expert Alumni
Jan 29, 2021 2:28:49 PM

A 401(a) plan is a qualified retirement plan.

 

And contributions of this plan are eligible for the Retirement savings Contribution credit (Savers' credit).

 

Please read this IRS document for more information.

Level 15
Jan 29, 2021 4:11:34 PM

However, any contributions showing up in box 14 of your W-2 are NOT eligible for the RSCC, as these are "required" (not optional) contributions under code 414(h):

 

https://www.myfrs.com/Faq_Employees.htm#:~:text=These%20contributions%20should%20be%20labeled,wages%20for%20income%20tax%20purposes).

 

https://www.myfrs.com/Plan_Funding.htm