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businesses. Section 408(k) Simplified Employee Pension Plan (SEP) Employer-sponsored plan available only to small businesses; allows employer to contribute to employee accounts that function as IRAs and are subject mostly to IRA rules. Generally ceased to apply in 1996. Section 408A Roth IRA Same as IRA, except that qualified distributions are tax exempt. Section 408 A myRA Same as IRA, except that qualified distributions are tax exempt Section 457(b) Eligible 457(b) Plan Funded plan offered by state and local governments or unfunded plan offered by nonprofit organizations. Section 501(c) 501(c)18 Plan Plan offered mostly by unions. Had to be set by June 1959 and are now largely obsolete. Section 8439 of Title 5 USC Federal Thrift Savings Plan Plan offered by the federal government to its employees.

2615.15.10 RETIREMENT ACCOUNTS (C)

A retirement account is an available resource to an individual if there is the option of withdrawing an amount for any reason, despite not yet being eligible for periodic payments. However, a retirement account is not considered an available resource if an individual must terminate employment in order to obtain any payment.

The value of a retirement account is the amount that the individual can currently withdraw less any penalty for early withdrawal. Taxes due are not deducted from the retirement account's value. Verification is to be obtained from the administrator of the retirement plan.

Another type of retirement account is intended for self-employed individuals and is often referred to as a Keogh plan. Funds on deposit in Keogh Plans are counted as resources if the plan does not involve a contractual obligation with anyone who is not an AG member. If the plan includes a contractual obligation with a non-AG member, the money may not be accessible to the AG