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What is a qualified retirement plan? Qualified has special meaning regarding defined benefit plans? It’s a defined contribution retirement plan or a defined benefit pension plan. It is an established employee contribution account that provides for employer to match your contributions. When contributions are made to the accounts, the accounts earn income, and hopefully the assets appreciate. When the participant reaches retirement age, they can start receiving distributions from the accounts.
The most common types of qualified plans are profit sharing plans (including 401(k) plans), defined benefit plans, and money purchase pension plans. In general, your contributions are not taxed until you withdraw money from the plan. Most retirement plans that you obtain through your job are qualified plans. Qualified plans receive favorable tax treatment.
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