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

 
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2 Replies
MinhT1
Expert Alumni

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

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.

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

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%...).

 

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

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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