Thanks, this was due to a conversaion with a relative who stated that he was paying taxes on his pension plan, which I thought was strange since pension plans are not taxed in IL. However, after some investigating, the plan is not tax only if it was qualified. The relative seems to indicate that pension plans are not qualified or at least his pension plan is not.
I attempted to see if my pension plan is qualified or ot. After looking through some document, there were discussion of action taken to prevent the plan from becoming non-qualified, which would indicate that it is qualified. What is not clear to me is if it is common for pension plans to be non-quallfied.
On another note, I notice that I was granted a key staff deferral plan a while back. I can't figure out if this is qualified eitehr. I supposed I have to contact them to get more info.
I attempted to see if my pension plan is qualified or ot. After looking through some document, there were discussion of action taken to prevent the plan from becoming non-qualified, which would indicate that it is qualified. What is not clear to me is if it is common for pension plans to be non-quallfied.
On another note, I notice that I was granted a key staff deferral plan a while back. I can't figure out if this is qualified eitehr. I supposed I have to contact them to get more info.
Statistics: Posted by gavinsiu — Sun Mar 31, 2024 11:28 pm — Replies 2 — Views 208