Common use of Inherited IRA Clause in Contracts

Inherited IRA. An Inherited IRA is a Traditional IRA designed for the beneficiary of an IRA (except a ▇▇▇▇ ▇▇▇) or the beneficiary of an employer-sponsored retirement plan account (except a designated ▇▇▇▇ account). Transfers and certain rollovers may be accepted, but annual contributions are not permitted. A non-spouse beneficiary may not roll over an Inherited IRA into his or her own IRA. ▇▇▇▇ Inherited IRA. A ▇▇▇▇ Inherited IRA is a ▇▇▇▇ ▇▇▇ designed for the beneficiary of a ▇▇▇▇ ▇▇▇ or the beneficiary of a designated ▇▇▇▇ account in an employer-sponsored retirement plan. Transfers and certain rollovers may be accepted, but annual contributions are not permitted. A non- spouse beneficiary may not roll over a ▇▇▇▇ Inherited IRA into his or her own ▇▇▇▇ ▇▇▇. SEP-IRA. A SEP-IRA is a Traditional IRA that is expected to receive contributions from an employer under a SEP or SIMPLE IRA. A SIMPLE IRA is a Traditional IRA that is expected to receive contributions from an employer under a “SIMPLE IRA” plan. A SIMPLE IRA is subject to additional restrictions on rollovers to other Traditional IRAs and conversions to ▇▇▇▇ IRAs and may be subject to a higher penalty tax for premature distributions. SIMPLE IRAs are established under and governed by a separate ▇. ▇▇▇▇ ▇▇▇▇▇ ▇▇▇ custodial agreement.