Business Dictionary
Qualified retirement plan
A
retirement plan established by employers for their employees that meets the requirements of
Internal Revenue Code Section 401(a) or 403(a) and is eligible for special tax considerations. The plan may
provide for employer contributions, as in a
pension or
profit-sharing plan, as well as employee
contributions. Employers can
deduct plan contributions made on behalf of eligible employees on the business's tax return as business expenses. Plan
earnings are not taxed to the employee until withdrawn.
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