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Can you contribute to an IRA if your company has you in a pension plan?
Yes, but part or all of your traditional IRA contribution might not be deductible, depending on your income (MAGI). Roth IRA contributions are not deductible, at all.
What is the difference between provident fund and pension fund?
The difference between a pension fund and provident fund is in how the benefits are paid out. A provident fund pays all he retirement benefits in a lump sum cash benefit at retirement. A pension fund pays one third of the benefit as a lump sum at retirement and the rest is paid out over the lifetime of the beneficiary.
What is a pension?
A pension is a retirement plan that provides a fixed sum of money regularly to a retiree, typically funded by contributions from employers during the employee's working years. It serves as a source of income after a person retires.
Who is responsible for preparing the Pension papers of a retiring employee in a Municipality?
Typically, the Human Resources or Payroll department in a municipality is responsible for preparing the Pension papers of a retiring employee. They ensure all necessary paperwork is completed accurately and submitted to the appropriate pension fund for processing.
What does the word Trustee mean with regards to a pension fund?
A company's pension fund for its current and former employees is often held by a securities firm or a bank. The fund is administrated by a trustee that was appointed usually by the company. The trustee is assigned the duties of making sure all the company's required duties are being met. The trustee is also responsible for insuring that the fund is handled in accordance with the regulations that were set up by the company. The trustee is also responsible for making sure the investments in the fund are sound ones and are diversified.
What are pension plans?
Pension plans are a type of retirement plan in which the employee and employer make contributions. These contributions are invested and to be received upon retirement. In most all cases pension plans are tax exempt. The two types of pension plans are defined benefit plans and defined contribution plans. A defined benefit plan guarantees an amount upon retirement no matter how the investment performed. A defined contribution plan is not a guaranteed amount and heavily depends on the investment performance.
What is the pension for a union electrician?
The amount would vary by location, union, and how much was paid into your fund. I have 36 years in the trade and i am retiring at age 55 with a pension of 2900 with a 50% spousal option that brings my pension down to 2610. Our union doubles our pension from age 55 to 62 if you meet certain requirements, that I meet. This brings my retirement to 5510 gross dollars a month. I do have to pay federal tax out of this, but no FICA, state tax our union dues. We also have an annuity fund that I have been in from its inception in 1981. As of 2/1/2011 i have 510,000 in this fund. When I reach 62 the double pension will stop, but the NEBF and the international pension will start along with social security. The total retirement with all four sources will be about 5600 dollars plus any money taken out of the annuity. This amount is not the average pension a union electrician will make, but one who worked out of the north east with no lost time and at foreman and GF rate.
UK Pension and Old Age Pension?
The UK Pension is a state pension provided to individuals who have reached a certain age and met specific contribution requirements. The Old Age Pension, on the other hand, is a financial benefit for retired individuals in the UK who are eligible based on age and income criteria. While the UK Pension is a universal benefit, the Old Age Pension is means-tested and takes into account other sources of income.
Is disposable income after you have paid your living expenses?
No. Disposable income is that which is left after all taxes, pension contributions, medical insurance share, etc. has been deducted from an employee's salary.
In what year was the General Motors pension started?
in 1964 this was the same year all Canadian workers had parity with the American workers and 19 billion retirement fund was growing in GM for Hourly Workers
Can you get a tax deduction for the losses on a traditional IRA if you are not receiving distributions yet?
No. You already got a deduction in advance for the money you put in. You can't have a second deduction. The only time you could get a deduction is if you made any non-deductible contributions to your Traditional IRA (TIRA). If you completely liquidate ALL of your TIRA accounts and the sum total of all the distributions you ever received is less than the total of your non-deductible contributions, then you can claim a miscellaneous itemized deduction (subject to the 2% floor) for the difference.
Which country does a good job making sure all citizens benefit from the vast oil wealth?
Norway is often cited as a country that effectively distributes its oil wealth to benefit all citizens through its sovereign wealth fund, the Government Pension Fund Global. The fund is designed to invest oil revenues for the long-term benefit of Norwegian citizens, ensuring that current and future generations can benefit from the country's natural resources.
