A qualified retirement plan is a specific type of plan that satisfies the criteria outlined in Internal Revenue Code Section 401(a) of the IRS, making it eligible for certain tax advantages. These plans, such as 401(k) and pension plans, offer tax benefits like tax-deductible contributions and tax-deferred growth on investments. By meeting the requirements set by the IRS, qualified retirement plans encourage individuals and employers to save for retirement while enjoying favorable tax treatment.
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