IRS qualified retirement plan

jpbsc2009 — Tue, 11 May 2021 21:14:48 GMT

Good afternoon,

I am retired from the State of Idaho and receive the Public Employee Retirement System Idaho (PERSI) base plan benefits.

It seems this should be an IRS qualified retirement plan, but I am not sure.

Can you advise me in this issue?

Thank you.

Jerome

Re: IRS qualified retirement plan

ToddL99 — Tue, 11 May 2021 21:51:32 GMT

If your Public Employee Retirement System Idaho (PERSI) plan was a 457 plan, then it is probably a "qualified plan".

Most plans are qualified plans, especially if you made tax-deferred contributions to the plan. To be certain, you would have to contact the plan administrator. If your PERSI plan was a 457 plan, then it is probably a "qualified plan"

A qualified plan is a retirement plan sponsored by employers for the exclusive benefit of employees. paying taxes on the contributions until retirement.

Qualified plans include:

- 401(k)s

- 403(b)s (also known as tax-sheltered annuity plans)

- 457 plans for government employees

- Traditional IRAs

- Roth IRAs

- SEP and SIMPLE plans for employees of small businesses

- Pension plans

- Profit-sharing plans

- Stock bonus plans

topic IRS qualified retirement plan in Retirement tax questions

IRS qualified retirement plan

Re: IRS qualified retirement plan