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The plan is similar to a 401(k) plan, but with lower contribution limits and simpler (and thus less costly) administration. Although it is termed an IRA, it is treated separately. Conduit IRA – a traditional IRA funded exclusively with a transfer from a qualified plan, such as a 401(k) plan.
He also criticized a requirement in the SECURE Act which required 401k plan administrators to send annual income disclosures to plan participants, showing the amount of monthly income they would receive if their plan funds were converted into an annuity, something that he characterized as an "annuity advertisement".
When you leave your job you have the option to roll your 401(k) balance over to an IRA. Moving your money to an IRA often gives you a better selection of investment options and more control over ...
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In a traditional 401(k) plan, introduced by Congress in 1978, employees contribute pre-tax earnings to their retirement plan, also called "elective deferrals".That is, an employee's elective deferral funds are set aside by the employer in a special account where the funds are allowed to be invested in various options made available in the plan.
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