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'B> :0A05BAO ', B> ACI5AB2C5B 420 3;02=KE 2840 ?5=A8>==KE ?;0=>2: ?;0=K A CAB0=>2;5==K<8 2K?;0B0<8 (defined benefit plans 8;8 DB plans) 8 ?;0=K A CAB0=>2;5==K<8 27=>A0<8 (defined contribution plans 8;8 DC plans). ;0=K A CAB0=>2;5==K<8 2K?;0B0<8 30@0=B8@CNB 565<5AOG=K5 ?5=A8>==K5 2K?;0BK 2 70@0=55 >3>2>@5==>< @07<5@5, ;81> 2 :0:>9-B> AC<<5 4>;;0@>2, ;81> (G0I5 2A53>) 2 2845 :0:>9-B> D>@<C;K, =0?@8<5@, 1% A@54=59 70@?;0BK 70 ?>A;54=85 5 ;5B @01>BK 2 D8@<5 70 :064K9 ?@>@01>B0==K9 3>4. 5 B>;L:> G0AB=K5 ?;0=K, => 8 3>AC40@AB25==K5 ?5=A8>==K5 A8AB5<K - D545@0;L=K5, >E20BK20NI85 :0: 3@0640=A:8E A;C60I8E D545@0;L=>3> ?@028B5;LAB20, B0: 8 2>5==>A;C60I8E, 0 B0:65 1>;LH8=AB2> ?5=A8>==KE A8AB5< HB0B>2 8 <5AB=KE >@30=>2 2;0AB8 ?>AB@>5=K :0: ?;0=K A CAB0=>2;5==K<8 2K?;0B0<8. ;0=K A CAB0=>2;5==K<8 27=>A0<8, =0?@>B82, =5 ?@54CA<0B@820NB >?@545;5==>3> @07<5@0 2K?;0B. K?;0BK 2 MB8E ?;0=0E 7028AOB =5 >B AB060 @01>BK 8 @07<5@0 70@?;0BK, 0 B>;L:> >B AC<<K =0:>?;5=89. -B8 ?;0=K ?5@A>=8D8F8@>20=K: :064K9 CG0AB=8: ?;0=0 8<55B A2>9 ;8G=K9 ?5=A8>==K9 AG5B, 8 27=>AK ?;NA 8=25AB8F8>==K9 4>E>4 >B =8E ?>ABC?0NB =0 MB>B AG5B.  1>;LH8=AB25 ACI5AB2CNI8E ?;0=>2 A CAB0=>2;5==K<8 27=>A0<8 8E CG0AB=8:8 <>3CB 2K18@0BL <564C @07;8G=K<8 8=25AB8F8>==K<8 ?@>3@0<<0<8, :>B>@K5 ?@54;030NB (2 A@54=5< 4> 10 ?@>3@0<<) C?@02;ONI85 :><?0=88, 8 B0:8< >1@07>< 4> >?@545;5==>9 AB5?5=8 >=8 A0<8 >?@545;ONB @07<5@K A2>53> 1C4CI53> ?5=A8>==>3> 4>E>40. $>@<0 2K?;0B 2 MB8E ?;0=0E B0:65 1>;55 @07=>>1@07=0. !CI5AB2CNB B@8 3;02=KE 20@80=B0: 2K?;0B0 2A59 AC<<K F5;8:>< (lump sum), ?>687=5==K9 0==C8B5B (variable annuity) 8 2K?;0BK AC<<K @02=K<8 G0ABO<8 (withdrawals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separately vested workers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implified Employee Pension Plan) @07@5H0NB @01>B=8:0< ?5@52>48BL 27=>AK =0 ;8G=K5 ?5=A8>==K5 AG5B0. 01>B0NI8< 2 AD5@5 <0;>3> 187=5A0 - 8 B>;L:> 8< - @07@5H5=> ?5@52>48BL G0ABL 70@?;0BK (4> 7 BKA. 4>;;. 2 2002 3>4C) =0 ! 5I5 4> 2KG5B0 =0;>3>2. -B8 ?;0=K =07K20NBAO ?@>ABK<8 ?5=A8>==K<8 ?;0=0<8 (A Simple IRA plan). @>ABK5 ?;0=K 459AB2CNB A 1997 3>40, >=8 1K;8 @07@5H5=K 0:>=>< > 70I8B5 @01>G8E <5AB 2 AD5@5 <0;>3> 187=5A0 1996 3>40 (The Small Business Job Protection Act of 1996). @>ABK5 ?;0=K C4>1=K 4;O <0;KE ?@54?@8=8<0B5;59 B5<, GB> >=8 ?@>AB> ?5@52>4OB 45=L38 =0 ! A2>8E @01>B=8:>2 8 A=8<0NB A A51O 40;L=59H85 701>BK >1 C?@02;5=88 MB8<8 AG5B0<8, 0 B0:65 =5 =5ACB >B25BAB25==>AB8 70 @57C;LB0B. BG0AB8 ?> MB>9 ?@8G8=5  22545=88 B0:>9 AE5<K ?5=A8>==KE =0:>?;5=89  AB>8<>ABL 0:B82>2 =0 ! 2 =0F8>=0;L=KE <0AHB010E 70 1996-99 3>4K 5420 =5 C42>8;0AL. 4=0:>, =0G8=0O A 90-E 3>4>2, =0AB>OI8< D5=><5=>< G0AB=>9 ?5=A8>==>9 A8AB5<K AB0;8 ?;0=K 401(:). ;0=K ?>;CG8;8 A2>5 =0720=85 ?> =><5@C AB0BL8 0;>3>2>3> :>45:A0 !(, :>B>@0O @07@5H8;0 @01>B=8:0< 2=>A8BL G0ABL 70@?;0BK 4> C?;0BK ?>4>E>4=>3> =0;>30 =0 A2>8 ;8G=K5 ?5=A8>==K5 AG5B0 2 @0<:0E >@30=87C5<KE ?> <5ABC @01>BK ?5=A8>==KE ?;0=>2 A CAB0=>2;5==K<8 27=>A0<8. >1@>2>;L=K5 27=>AK @01>B>40B5;59 =0 B5 65 AG5B0 B0:65 =5 >1;030NBAO =0;>3><. -B8 27=>AK :>;51;NBAO 2 H8@>:8E ?@545;0E - >B 10% 4> 100% 27=>A>2 @01>B=8:>2 - 8 8=>340 @0AAG8BK20NBAO 2 2845 D>@<C;K, 7028AOI59 >B >1J5<0 ?@81K;8. 01>B=8:8 ?>;CG0NB =5>BJ5<;5<K5 ?@020 A>1AB25==>AB8 =0 A2>8 27=>AK A <><5=B0 8E C?;0BK, => >1KG=> ?@>E>48B 5-6 ;5B A <><5=B0 8E ?@8A>548=5=8O : C:070==><C ?;0=C, ?@5645 G5< >=8 ?>;CG0NB B0:85 65 =5>BJ5<;5<K5 ?@020 A>1AB25==>AB8 (vested rights) =0 27=>AK ?@54?@8=8<0B5;O. @02> 45;0BL 27=>AK 4> C?;0BK ?>4>E>4=>3> =0;>30 1K;> ?@54>AB02;5=> 0:>=>< > =0;>3>2KE A1>@0E 1978 3>40 (The Revenue Act of 1978). @>H;> 5I5 =5A:>;L:> ;5B, ?@5645 G5< ?;0=K 401(:) ?>O28;8AL 2 A:>;L:>-=81C4L 7=0G8B5;L=KE <0AHB010E. D8F80;L=0O AB0B8AB8:0 AB0;0 CG8BK20BL 8E ;8HL A 1984 3>40. 4=0:> 70B5< ?;0=K 401(:) 45<>=AB@8@>20;8 D5=><5=0;L=K9 @>AB.  90-5 3>4K 87 :064KE 10 =>2KE CG0AB=8:>2 ?5=A8>==KE ?;0=>2 A CAB0=>2;5==K<8 27=>A0<8, 9 2ABC?0;8 2 ?;0=K 401(:). >AB MB8E ?;0=>2 >B@0605B B01;8F0 2. "01;8F0 2 ;0=K 401(:). 1984-1998 >4K'8A;> ?;0=>2:B82=K5 CG0AB=8:8 (BKA. G5;.):B82K (<;@4. 4>;;.)7=>AK (<;@4. 4>;;.)K?;0BK (<;@4. 4>;;.)198417303754091,716,310,619909761419548384,849,032,0199520081328061863,987,462,21998300593371141540,9134,6120,7 "5:CI55 ?045=85 D>=4>2>3> @K=:0 8 A>>B25BAB2CNI55 (E>BO 8 2 <5=LH59 AB5?5=8) A=865=85 10;0=A>2>9 AB>8<>AB8 ;8G=KE AG5B>2 CG0AB=8:>2 ?;0=>2 401(:) =5 ?@825;> : ?045=8N ?>?C;O@=>AB8 MB8E ?;0=>2. F5=820BL MDD5:B82=>ABL MB8E ?;0=>2 A;54C5B, 8AE>4O 8E 3>@074> 1>;55 4>;3>A@>G=>9 ?5@A?5:B82K. 0: 2KB5:05B 87 B01;8FK 4, A@54=OO AB>8<>ABL 10;0=A0 =0 AG5BC 0:B82=>3> CG0AB=8:0 ?;0=0 401(:) 2K@>A;0 A 12,1 BKA. 4>;;. 2 1984 3>4C 4> 41,5 BKA. 4>;;. 2 1998 3>4C =5A<>B@O =0 ?>AB>O==K9 ?@8B>: =>2KE G;5=>2. > 40==K< #?@02;5=8O ?> ?5=A8>==K< 8 A>F80;L=K< 2K?;0B0< 8=25AB8F8>==K9 4>E>4 ?;0=>2 401(:) 2 ?5@8>4 1990-98 3>4>2 =0E>48;AO =0 C@>2=5 12% (B0:>9 65 C@>25=L 4>E>40 E0@0:B5@5= 4;O 2A5E G0AB=KE ?5=A8>==KE ?;0=>2 2 F5;>< 70 ?5@8>4 A 1985 ?> 1998 33.). K3>4=>ABL ?;0=>2 401(:) <>65B ?@>8;;NAB@8@>20BL A;54CNI89 @0AG5B, ?@82>48<K9 #?@02;5=85<. A;8 =0 AG5BC <>;>4>3> @01>B=8:0, =0?@8<5@, 2 2>7@0AB5 25 8;8 30 ;5B, =0:>?8;AO 10;0=A 2 25 BKA. 4>;;. (?@8G5< 4> ?>;>28=K 27=>A>2 =0 AG5B <>65B A45;0BL @01>B>40B5;L), B> ?@8 :>=A5@20B82=>9 >F5=:5 A@54=53> 8=25AB8F8>==>3> 4>E>40 2 7% 2 3>4 8 2KG5B5 04<8=8AB@0B82=KE @0AE>4>2 2 @07<5@5 0,5% >B 8=25AB8F8>==>3> 4>E>40, G5@57 35 ;5B =0:>?;5=8O A>AB02OB 227 BKA. 4>;;., 4065 5A;8 =5 45;0BL =8:0:8E 4>?>;=8B5;L=KE 27=>A>2. A;8 65 ?@>4>;60BL 45;0BL @53C;O@=K5 27=>AK, C:070==CN AC<<C <>6=> @57:> C25;8G8BL. >?C;O@=>ABL ?;0=>2 401(:) =5 2 ?>A;54=NN >G5@54L >1JOA=O5BAO 8E 1>;LH>9 381:>ABLN. -B8 ?;0=K (ACI5AB2C5B =5A:>;L:> 8E @07=>284=>AB59) ?>4E>4OB 8 4;O <0;>3> 8 4;O :@C?=>3> 187=5A0. 7 300 BKA. ?;0=>2 401(:) 2 1998 3>4C =5 <5=55 ?>;>28=K ACI5AB2>20;8 2 AD5@5 <0;>3> 187=5A0, ?@8G5< 63 BKA. MB8E ?;0=>2 =0AG8BK20;8 >B 1 4> 9 CG0AB=8:>2.  B> 65 2@5<O 56 ?;0=>2 401(:) >E20BK20;8 A2KH5 50 BKA. G5;>25: :064K9.  2002 3>4C 87 100 :@C?=59H8E :><?0=89 !(, :>B>@KE 2K45;O5B 6C@=0; $>@GC=, 80% 8<5;8 420 ?5=A8>==KE ?;0=0: >48= B@048F8>==K9 4;O 1>;LH8E :>@?>@0F89 ?;0= A CAB0=>2;5==K<8 2K?;0B0<8 8 2B>@>9  ?;0= 401(:), 0 17%  B>;L:> >48= ?;0= 401(:). I5 >48= ?@8=F8?80;L=K9 A4283, :>B>@K9 2=5A;8 ?;0=K 401(:) 2 G0AB=CN ?5=A8>==CN A8AB5<C !( A>AB>8B 2 B><, GB> B5?5@L 2A5 1>;LH55 :>;8G5AB2> 0<5@8:0=A:8E @01>G8E 8 A;C60I8E A0<8 CG0AB2CNB 2 C?@02;5=88 A2>8<8 ?5=A8>==K<8 =0:>?;5=8O<8 8 B5< A0<K< 2 7=0G8B5;L=>9 AB5?5=8 >?@545;ONB @07<5@K (8 D>@<C) A2>53> 1C4CI53> ?5=A8>==>3> 4>E>40. > 40==K< #! 2 1998 3. 79% ?;0=>2 401(:), >E20BK20NI8E 83% 2A5E 0:B82=KE CG0AB=8:>2 MB8E ?;0=>2 8 81% 2A5E 0:B82>2, ?@54CA<0B@820;8 C?@02;5=85 @01>B=8:>2 8=25AB8F8>==K< ?@>F5AA><, ;81> 2 >B=>H5=88 2A5E 0:B82>2, ;81> 0:B82>2, >1@07>20==KE 70 AG5B 27=>A>2 @01>B=8:>2. >AC40@AB25==>5 @53C;8@>20=85 G0AB=KE ?5=A8>==KE ?;0=>2 AK3@0;> 206=59HCN @>;L 2 8E AB0=>2;5=88. 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