Keogh Plan (HR-10)
Definition - What does Keogh Plan (HR-10) mean?
Keogh Plan, or HR-10, is a retirement plan for small business owners, sole proprietors, and self-employed individuals. It is named after the New York congressman Eugene Keogh who was responsible for passing this plan into law in 1962.
Insuranceopedia explains Keogh Plan (HR-10)
HR-10 is either a defined benefit plan or a defined contribution plan. The former specifies how much money a person gets at the age of retirement after a computation that includes salary and length of employment. The latter specifies how much money should be placed into the retirement plan. This plan is famous because of its high contribution compared to other retirement plans. As of 2014, the contribution cap is $52,000. The disadvantage to this plan is that setting this up costs more and it also involves more paperwork compared to other retirement plans.
- Employee Retirement Income Security Act of 1974 (ERISA)
- Self-Directed Account
- excess distributions from section 401(a), 403(a), 403(b) retirement plan or IRA
- Defined Benefit Plan
- Early Retirement
- Keogh Plan (HR-10)
- Years of Service
- Taft-Hartley Pension Plan
- Taft-Hartley Act
- Individual Retirement Account Plus (IRA PLUS)
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