Browse Arkansas Code titles and sections
28-68-215. Retirement plans.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-68-215. Retirement plans.
(a) In this section, “retirement plan” means a plan or account created by an employer, the principal, or another individual to provide retirement benefits or deferred compensation of which the principal is a participant, beneficiary, or owner, including a plan or account under the following sections of the Internal Revenue Code:
(1) an individual retirement account under Internal Revenue Code Section 408, 26 U.S.C. Section 408, as it existed on January 1, 2011;
(2) a Roth individual retirement account under Internal Revenue Code Section 408A, 26 U.S.C. Section 408A, as it existed on January 1, 2011;
(3) a deemed individual retirement account under Internal Revenue Code Section 408(q), 26 U.S.C. Section 408(q), as it existed on January 1, 2011;
(4) an annuity or mutual fund custodial account under Internal Revenue Code Section 403(b), 26 U.S.C. Section 403(b), as it existed on January 1, 2011;
(5) a pension, profit-sharing, stock bonus, or other retirement plan qualified under Internal Revenue Code Section 401(a), 26 U.S.C. Section 401(a), as it existed on January 1, 2011;
(6) a plan under Internal Revenue Code Section 457(b), 26 U.S.C. Section 457(b), as it existed on January 1, 2011; and
(7) a nonqualified deferred compensation plan under Internal Revenue Code Section 409A, 26 U.S.C. Section 409A, as it existed on January 1, 2011.
(b) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to retirement plans authorizes the agent to:
(1) select the form and timing of payments under a retirement plan and withdraw benefits from a plan;
(2) make a rollover, including a direct trustee-to-trustee rollover, of benefits from one retirement plan to another;
(3)
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-68-215
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28-68-215. Retirement plans.
(a) In this section, “retirement plan” means a plan or account created by an employer, the principal, or another individual to provide retirement benefits or deferred compensation of which the principal is a participant, beneficiary, or owner, including a plan or account under the following sections of the Internal Revenue Code:
(1) an individual retirement account under Internal Revenue Code Section 408, 26 U.S.C. Section 408, as it existed on January 1, 2011;
(2) a Roth individual retirement account under Internal Revenue Code Section 408A, 26 U.S.C. Section 408A, as it existed on January 1, 2011;
(3) a deemed individual retirement account under Internal Revenue Code Section 408(q), 26 U.S.C. Section 408(q), as it existed on January 1, 2011;
(4) an annuity or mutual fund custodial account under Internal Revenue Code Section 403(b), 26 U.S.C. Section 403(b), as it existed on January 1, 2011;
(5) a pension, profit-sharing, stock bonus, or other retirement plan qualified under Internal Revenue Code Section 401(a), 26 U.S.C. Section 401(a), as it existed on January 1, 2011;
(6) a plan under Internal Revenue Code Section 457(b), 26 U.S.C. Section 457(b), as it existed on January 1, 2011; and
(7) a nonqualified deferred compensation plan under Internal Revenue Code Section 409A, 26 U.S.C. Section 409A, as it existed on January 1, 2011.
(b) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to retirement plans authorizes the agent to:
(1) select the form and timing of payments under a retirement plan and withdraw benefits from a plan;
(2) make a rollover, including a direct trustee-to-trustee rollover, of benefits from one retirement plan to another;
(3) establish a retirement plan in the principal's name;
(4) make contributions to a retirement plan;
(5) exercise investment powers available under a retirement plan; and
(6) borrow from, sell assets to, or purchase assets from a retirement plan.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Requirements for qualification** A trust created or organized in the United States and forming part of a stock bonus, pension, or profit-sharing plan of an employer for the exclusive benefit of his employees or their beneficiaries shall constitute a qualified trust under this section—
(1) if contributions are made to the trust by such employer, or employees, or both, or by another employer who is entitled to deduct his contributions under section 404(a)(3)(B) (relating to deduction for contributions to profit-sharing and stock bonus plans), or by a charitable remainder trust pursuant to a qualified gratuitous transfer (as defined in section 664(g)(1)), for the purpose of distributing to such employees or their beneficiaries the corpus and income of the fund accumulated by the trust in accordance with such plan;
(2) if under the trust instrument it is impossible, at any time prior to the satisfaction of all liabilities with respect to employees and their beneficiaries under the trust, for any part of the corpus or income to be (within the taxable year or thereafter) used for, or diverted to, purposes other than for the exclusive benefit of his employees or their beneficiaries (but this paragraph shall not be construed, in the case of a multiemployer plan, to prohibit the return of a contribution within 6 months after the plan administrator determines that the contribution was made by a mistake of fact or law (other than a mistake relating to whether the plan is described in section 401(a) or the trust which is part of such plan is exempt from taxation under section 501(a), or the return of any withdrawal liability payment determined to be an overpayment within 6 months of such determination));
(3) if the plan of which such trust is a part satisfies the requireme
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 401
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Federal law — U.S. Code and appendices · legal_authorities
Page 1178
TITLE 26—INTERNAL REVENUE CODE
§ 401
1983—Pub. L. 98–21, title III, § 321(e)(2)(D)(ii), Apr. 20,
1983, 97 Stat. 120, substituted ‘‘Employees of foreign af-
filiates covered by section 3121(l) agreements’’ for ‘‘Cer-
tain employees of foreign subsidiaries’’ in item 406.
1980—Pub. L. 96–603, § 2(d)(1), Dec. 28, 1980, 94 Stat.
3510, added item 404A.
Pub. L. 96–222, title I, § 101(a)(7)(L)(v)(VIII), Apr. 1,
1980, 94 Stat. 200, substituted ‘‘tax credit employee
stock ownership plans’’ for ‘‘ESOPS’’ in item 409A.
1978—Pub. L. 95–600, title I, § 141(f)(8), Nov. 6, 1978, 92
Stat. 2795, added item 409A.
1974—Pub. L. 93–406, title II, § 1016(b)(1), Sept. 2, 1974,
88 Stat. 932, inserted heading ‘‘Subpart A—General
Rule’’ and added analysis of subparts.
Pub. L. 93–406, title II, § 2002(h)(2), Sept. 2, 1974, 88
Stat. 970, added items 408 and 409.
1964—Pub. L. 88–272, title II, § 220(c)(1), Feb. 26, 1964, 78
Stat. 62, added items 406 and 407.
1962—Pub. L. 87–792, § 5(b), Oct. 10, 1962, 76 Stat. 827,
added item 405.
§ 401. Qualified pension, profit-sharing, and stock
bonus plans
(a) Requirements for qualification
A trust created or organized in the United
States and forming part of a stock bonus, pen-
sion, or profit-sharing plan of an employer for
the exclusive benefit of his employees or their
beneficiaries shall constitute a qualified trust
under this section—
(1) if contributions are made to the trust by
such employer, or employees, or both, or by
another employer who is entitled to deduct his
contributions under section 404(a)(3)(B) (relat-
ing to deduction for contributions to profit-
sharing and stock bonus plans), or by a chari-
table remainder trust pursuant to a qualified
gratuitous transfer (as defined in section
664(g)(1)), for the p
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 401
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Taxability of beneficiary under a qualified annuity plan**
(1) **Distributee taxable under section 72** — If an annuity contract is purchased by an employer for an employee under a plan which meets the requirements of section 404(a)(2) (whether or not the employer deducts the amounts paid for the contract under such section), the amount actually distributed to any distributee under the contract shall be taxable to the distributee (in the year in which so distributed) under section 72 (relating to annuities).
(2) **Special rule for health and long-term care insurance** — To the extent provided in section 402(l), paragraph (1) shall not apply to the amount distributed under the contract which is otherwise includible in gross income under this subsection.
(3) **Self-employed individuals** — For purposes of this subsection, the term “employee” includes an individual who is an employee within the meaning of section 401(c)(1), and the employer of such individual is the person treated as his employer under section 401(c)(4).
(4) **Rollover amounts**
(A) *General rule* — If—
(i) any portion of the balance to the credit of an employee in an employee annuity described in paragraph (1) is paid to him in an eligible rollover distribution (within the meaning of section 402(c)(4)),
(ii) the employee transfers any portion of the property he receives in such distribution to an eligible retirement plan, and
(iii) in the case of a distribution of property other than money, the amount so transferred consists of the property distributed,
(B) *Certain rules made applicable* — The rules of paragraphs (2) through (7) and (11) and (9) of section 402(c) and section 402(f) shall apply for purposes of subparagraph (A).
(5) **Direct trustee-to-trustee transfer** — A
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 403
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Federal law — U.S. Code and appendices · legal_authorities
Page 1267
TITLE 26—INTERNAL REVENUE CODE
§ 403
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2022 AMENDMENT
Amendment by section 127 of Pub. L. 117–328 applica-
ble to plan years beginning after Dec. 31, 2023, see sec-
tion 127(g) of Pub. L. 117–328, set out as a note under
section 72 of this title.
Pub. L. 117–328, div. T, title III, § 325(b), Dec. 29, 2022,
136 Stat. 5359, provided that:
‘‘(1) IN GENERAL.—Except as provided in paragraph (2),
the amendment made by this section [amending this
section] shall apply to taxable years beginning after
December 31, 2023.
‘‘(2) SPECIAL
RULE.—The amendment made by this
section shall not apply to distributions which are re-
quired with respect to years beginning before January
1, 2024, but are permitted to be paid on or after such
date.’’
Pub. L. 117–328, div. T, title VI, § 604(e), Dec. 29, 2022,
136 Stat. 5393, provided that: ‘‘The amendments made
by this section [amending this section] shall apply to
contributions made after the date of the enactment of
this Act [Dec. 29, 2022].’’
EFFECTIVE DATE OF 2013 AMENDMENT
Pub. L. 112–240, title IX, § 902(b), Jan. 2, 2013, 126 Stat.
2371, provided that: ‘‘The amendment made by this sec-
tion [amending this section] shall apply to transfers
after December 31, 2012, in taxable years ending after
such date.’’
EFFECTIVE DATE OF 2010 AMENDMENT
Pub. L. 111–240, title II, § 2111(c), Sept. 27, 2010, 124
Stat. 2566, provided that: ‘‘The amendments made by
this section [amending this section] shall apply to tax-
able years beginning after December 31, 2010.’’
Pub. L. 111–240, title II, § 2112(b), Sept. 27, 2010, 124
Stat. 2566, provided that: ‘‘The amendments made by
this section [amending this section] shall apply to dis-
tributions after the date of the en
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 403
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Individual retirement account** For purposes of this section, the term “individual retirement account” means a trust created or organized in the United States for the exclusive benefit of an individual or his beneficiaries, but only if the written governing instrument creating the trust meets the following requirements:
(1) Except in the case of a rollover contribution described in subsection (d)(3) or in section 402(c), 403(a)(4), 403(b)(8), or 457(e)(16), no contribution will be accepted unless it is in cash, and contributions will not be accepted for the taxable year on behalf of any individual in excess of the amount in effect for such taxable year under section 219(b)(1)(A).
(2) The trustee is a bank (as defined in subsection (n)) or such other person who demonstrates to the satisfaction of the Secretary that the manner in which such other person will administer the trust will be consistent with the requirements of this section.
(3) No part of the trust funds will be invested in life insurance contracts.
(4) The interest of an individual in the balance in his account is nonforfeitable.
(5) The assets of the trust will not be commingled with other property except in a common trust fund or common investment fund.
(6) Under regulations prescribed by the Secretary, rules similar to the rules of section 401(a)(9) and the incidental death benefit requirements of section 401(a) shall apply to the distribution of the entire interest of an individual for whose benefit the trust is maintained.
**(b) Individual retirement annuity** For purposes of this section, the term “individual retirement annuity” means an annuity contract, or an endowment contract (as determined under regulations prescribed by the Secretary), issued by an insurance company which meets the fo
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 408
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Federal law — U.S. Code and appendices · legal_authorities
Page 1306
TITLE 26—INTERNAL REVENUE CODE
§ 408
the provision of the Technical and Miscellaneous Rev-
enue Act of 1988, Pub. L. 100–647, to which such amend-
ment relates, see section 7817 of Pub. L. 101–239, set out
as a note under section 1 of this title.
Amendment by section 7831(f) of Pub. L. 101–239 effec-
tive as if included in the provision of the Tax Reform
Act of 1986, Pub. L. 99–514, to which such amendment
relates, see section 7831(g) of Pub. L. 101–239, set out as
a note under section 1 of this title.
EFFECTIVE DATE OF 1988 AMENDMENT
Amendment by Pub. L. 100–647 effective, except as
otherwise provided, as if included in the provision of
the Tax Reform Act of 1986, Pub. L. 99–514, to which
such amendment relates, see section 1019(a) of Pub. L.
100–647, set out as a note under section 1 of this title.
EFFECTIVE DATE OF 1986 AMENDMENT
Amendment by section 1112(d)(3) of Pub. L. 99–514 ap-
plicable to plan years beginning after Dec. 31, 1988, with
special rule regarding collective bargaining agreements
ratified before Mar. 1, 1986, and with provision for waiv-
er of excise tax on reversions, see section 1112(e) of Pub.
L. 99–514, set out as a note under section 401 of this
title.
Amendment by section 1114(b)(9)(B), (C) of Pub. L.
99–514 applicable to years beginning after Dec. 31, 1988,
see section 1114(c)(3) of Pub. L. 99–514, set out as a note
under section 414 of this title.
Amendment by section 1852(e)(2)(D) of Pub. L. 99–514
applicable to transfers after Oct. 22, 1986, see section
1852(e)(2)(E) of Pub. L. 99–514, set out as a note under
section 406 of this title.
EFFECTIVE DATE OF 1984 AMENDMENT
Amendment by Pub. L. 98–369 applicable to obliga-
tions issued after Dec. 31, 1983, see section 491(f)(1) of
Pub. L. 98–369, set out as a
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 408
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** Except as provided in this section, a Roth IRA shall be treated for purposes of this title in the same manner as an individual retirement plan.
**(b) Roth IRA** For purposes of this title, the term “Roth IRA” means an individual retirement plan (as defined in section 7701(a)(37)) which is designated (in such manner as the Secretary may prescribe) at the time of establishment of the plan as a Roth IRA. Such designation shall be made in such manner as the Secretary may prescribe.
**(c) Treatment of contributions**
(1) **No deduction allowed** — No deduction shall be allowed under section 219 for a contribution to a Roth IRA.
(2) **Contribution limit** — The aggregate amount of contributions for any taxable year to all Roth IRAs maintained for the benefit of an individual shall not exceed the excess (if any) of—
(A) the maximum amount allowable as a deduction under section 219 with respect to such individual for such taxable year (computed without regard to subsection (g) of such section), over
(B) the aggregate amount of contributions for such taxable year to all other individual retirement plans (other than Roth IRAs) maintained for the benefit of the individual.
(3) **Limits based on modified adjusted gross income**
(A) *Dollar limit* — The amount determined under paragraph (2) for any taxable year shall not exceed an amount equal to the amount determined under paragraph (2)(A) for such taxable year, reduced (but not below zero) by the amount which bears the same ratio to such amount as—
(i) the excess of—
(I) the taxpayer’s adjusted gross income for such taxable year, over
(II) the applicable dollar amount, bears to
(ii) $15,000 ($10,000 in the case of a joint return or a married individual filing a separate re
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 408A
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Federal law — U.S. Code and appendices · legal_authorities
Page 1332
TITLE 26—INTERNAL REVENUE CODE
§ 408A
TRANSITIONAL RULE FOR CONTRIBUTIONS FOR TAXABLE
YEARS BEGINNING BEFORE JANUARY 1, 1978
Pub. L. 95–600, title I, § 157(c)(2)(B), Nov. 6, 1978, 92
Stat. 2805, as amended by Pub. L. 99–514, § 2, Oct. 22,
1986, 100 Stat. 2095, provided that: ‘‘In the case of con-
tributions for taxable years beginning before January
1, 1978, paragraph (5) of section 408(d) of the Internal
Revenue Code of 1986 [formerly I.R.C. 1954] shall be ap-
plied as if such paragraph did not contain any dollar
limitation.’’
EXCHANGE OF FIXED PREMIUM ANNUITY OR ENDOWMENT
CONTRACT ISSUED ON
OR BEFORE NOV. 6, 1978, FOR
INDIVIDUAL RETIREMENT ANNUITY
Pub. L. 95–600, title I, § 157(d)(3), Nov. 6, 1978, 92 Stat.
2806, as amended by Pub. L. 99–514, § 2, Oct. 22, 1986, 100
Stat. 2095, provided that: ‘‘In the case of any annuity or
endowment contract issued on or before the date of the
enactment of this Act [Nov. 6, 1978] which would be an
individual retirement annuity within the meaning of
section 408(b) of the Internal Revenue Code of 1986 [for-
merly I.R.C. 1954] (as amended by paragraph (1) [amend-
ing subsec. (b)(2) of this section]) but for the fact that
the premiums under the contract are fixed, at the elec-
tion of the taxpayer an exchange before January 1, 1981,
of that contract for an individual retirement annuity
within the meaning of such section 408(b) (as amended
by paragraph (1)) shall be treated as a nontaxable ex-
change which does not constitute a distribution.’’
§ 408A. Roth IRAs
(a) General rule
Except as provided in this section, a Roth IRA
shall be treated for purposes of this title in the
same manner as an individual retirement plan.
(b) Roth IRA
For purposes of this title, the term ‘‘Roth
IRA’’ means an individual r
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 408A
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Rules relating to constructive receipt**
(1) **Plan failures**
(A) *Gross income inclusion*
(i) *In general* — If at any time during a taxable year a nonqualified deferred compensation plan—
(I) fails to meet the requirements of paragraphs (2), (3), and (4), or
(II) is not operated in accordance with such requirements,
all compensation deferred under the plan for the taxable year and all preceding taxable years shall be includible in gross income for the taxable year to the extent not subject to a substantial risk of forfeiture and not previously included in gross income.
(ii) *Application only to affected participants* — Clause (i) shall only apply with respect to all compensation deferred under the plan for participants with respect to whom the failure relates.
(B) *Interest and additional tax payable with respect to previously deferred compensation*
(i) *In general* — If compensation is required to be included in gross income under subparagraph (A) for a taxable year, the tax imposed by this chapter for the taxable year shall be increased by the sum of—
(I) the amount of interest determined under clause (ii), and
(II) an amount equal to 20 percent of the compensation which is required to be included in gross income.
(ii) *Interest* — For purposes of clause (i), the interest determined under this clause for any taxable year is the amount of interest at the underpayment rate plus 1 percentage point on the underpayments that would have occurred had the deferred compensation been includible in gross income for the taxable year in which first deferred or, if later, the first taxable year in which such deferred compensation is not subject to a substantial risk of forfeiture.
(2) **Distributions**
(A) *In
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 409A
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Federal law — U.S. Code and appendices · legal_authorities
Page 1348
TITLE 26—INTERNAL REVENUE CODE
§ 409A
Revenue Code of 1986 [formerly I.R.C. 1954] (or any cor-
responding provision of prior law) made after March 29,
1975.’’
Amendment by sections 334 and 336 of Pub. L. 97–34
applicable to taxable years beginning after Dec. 31,
1981, see section 339 of Pub. L. 97–34, set out as a note
under section 401 of this title.
EFFECTIVE DATE OF 1980 AMENDMENTS
Pub. L. 96–605, title II, § 224(b), Dec. 28, 1980, 94 Stat.
3529, provided that: ‘‘The amendment made by sub-
section (a) [amending this section] shall apply with re-
spect to qualified investment for taxable years begin-
ning after December 31, 1978.’’
Amendment by Pub. L. 96–222 effective, except as oth-
erwise provided, as if it had been included in the provi-
sions of the Revenue Act of 1978, Pub. L. 95–600, to
which such amendment relates, see section 201 of Pub.
L. 96–222, set out as a note under section 32 of this title.
EFFECTIVE DATE
Pub. L. 95–600, title I, § 141(g), Nov. 6, 1978, 92 Stat.
2795, as added by Pub. L. 96–222, title I, § 101(a)(7)(B),
Apr. 1, 1980, 94 Stat. 197; amended by Pub. L. 99–514, § 2,
Oct. 22, 1986, 100 Stat. 2095, provided that:
‘‘(1) IN
GENERAL.—Except as otherwise provided in
this subsection and subsection (h) [set out as an Effec-
tive Date of 1978 Amendment note under section 4975 of
this title], the amendments made by this section [en-
acting sections 409A [now 409] and 6699 of this title and
amending sections 46, 48, 56, 401, 404, 415, 805, 1504, and
4975 of this title] shall apply with respect to qualified
investment for taxable years beginning after December
31, 1978.
‘‘(2) ELECTION
TO
HAVE
AMENDMENTS
APPLY
DURING
1978.—At the election of the taxpayer, paragraph (1)
shall be applied by substituting ‘December 31, 19
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 409A
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