Federal legislation enacted in 1962 titled Self-Employed Individuals Tax Retirement Act to allow self-employed persons to set aside money for retirement. Eligible individuals deposit money in a government-approved account that is managed by a financial institution such as an insurance company or a bank. Also called an H.R. 10 plan .
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Keogh Act plan (Life Insurance)
Also referred to as a HR-10 plan. A plan that allows those who are self-employed to set up a retirement plan and have access to tax benefits comparative to the benefits offered in corporate pensions. This plan was established under the Self-Employed Individual’s Tax Retirement Act.