Department of Human Services

Food Stamp Online Policy Manual

Exempt Resources

Revised:

15.6

PENSION FUNDS

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1240-1-4-.05(6)

Retirement accounts established under Section 401(a), 403(b), 408, 408A, 457(b), and 501(c)(18) of the Internal Revenue Code of 1986 and the value of funds in a Federal Thrift Savings Plan account (Section 8439, Title 5, USC) are excluded as a resource.

 

A nonexclusive list of types of retirement savings and pension plans are excluded includes:

 

        Pension or traditional defined-benefit plan [Section 401(a) of the Internal Revenue Code]

        401(k) plans [Section 401(a) of the Internal Revenue Code]

        SIMPLE 401 (k) [Section 401(a) of the Internal Revenue Code]

        Section 501(c)(18) plans (retirement plans for union members consisting of employee contributions to certain trusts that must have been established before June 1959)

        403 (b) plan under the Internal Revenue Code

        457 plan under the Internal Revenue Code

        Federal Employee Thrift Savings plan [Section 8439 of Title 5 of the US Code]

        Keogh plan [Section 401(a) of the Internal Revenue Code]

        Individual Retirement Account (IRA) [Section 408 of the Internal Revenue Code]

        Roth IRA [Section 408(A) of the Internal Revenue Code ]

        SIMPLE IRA [Section 408 of the Internal Revenue Code ]

        Simplified Employer Plan [Section 408 of the Internal Revenue Code ]

        Profit Sharing Plan [Section 401(a) of the Internal Revenue Code ]

        Cash Balance Plans [Section 401(a) of the Internal Revenue Code ]

 

Glossary of Terms

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