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KEOGH PLAN Definition & Legal Meaning

Definition & Citations:

In the US self-employed individuals and employees with no pension plan can set up this self-contributory saving or pension plan. New York Congressman Eugene J. Keogh proposed it. Individuals set aside a certain maximum of pretax income in this tax-deferred scheme. Like an individual retirement account (IRA), a Keogh Plan grows invested monies with no tax unless money is withdrawn prior to age 59


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