Later Change

Deemed IRAs

For plan years beginning after 2002, a qualified employer plan can provide for voluntary employee contributions to a separate account or annuity that is deemed to be an IRA.

For this purpose, a qualified employer plan includes a deferred compensation plan (section 457(b) plan) maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state.

The term qualified employer plan also includes:

• A qualified pension, profit-sharing, or stock bonus plan (section 401(a) plan),
• A qualified employee annuity plan (section 403(a) plan), and
• A tax-sheltered annuity plan (section 403(b) plan).

More information about IRAs can be found in Publication 590, Individual Retirement Arrangements (IRAs).

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