Glossary

 
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1035 Exchange

Is an internal replacement function that permits the deferral and non-recognition of a taxable gain in a policy upon surrender. In effect a tax-free exchange of an existing annuity contract for a new one.

 

401(k) Plan

Is a qualified employment-based retirement savings plan established by employers that allows employees to make tax-deferred contributions from current earnings which additionally an employer may match on behalf of the employees. Employers may also add a profit-sharing feature to the plan.

 

403(b) Plan

A retirement savings plan, similar to a 401(k), for certain employees of charitable and educational organizations. Also known as a Tax-Sheltered Annuity (TSA) plan.

 

457 Plan

This is a non-qualified, deferred compensation plan, similar to a 401(k), for employees of state and municipal governments.

 
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