Keogh-plan meaning

kēō
A retirement plan for the self-employed and their employees.
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A retirement plan for self-employed persons and for the owners and employees of unincorporated businesses, similar to an IRA.
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A retirement plan for self-employed people or owners of unin- corporated businesses. Employers contribute to a Keogh on behalf of their employees. Contributions are limited to up to 25 percent of compensation or $30,000. Employees can take loans or withdrawals according to plan provisions. Withdrawals made prior to age 59⁄ may incur auto-matic tax withholding of 20 percent, plus a 10 percent early withdrawal penalty, unless a permitted exception applies. Tax-free rollovers are permitted to an IRA or qualified retirement plan.
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A tax-deferred retirement plan available only to the self-employed and their employees.
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Origin of keogh-plan

  • After Eugene James Keogh (1907–1989), US representative from New York

    From American Heritage Dictionary of the English Language, 5th Edition