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34 | P a g e October 25 • Keogh Plans • Individual Retirement Accounts (IRA's) Roth IRA - Roth IRAs do not require withdrawals until after the death of the owner. • SIMPLE IRA • Job-attached IRA • Rollover IRA • Simplified Employer Pension Plan • Profit Sharing Plan; and, • Cash Balance Plans • Life Insurance Policies (including both term and whole) The cash value of pension plans or funds shall be excluded, except that Keogh plans which involve no contractual relationship with individuals who are not household members. Note: The intent of exclusion of pension and retirement savings is to not penalize someone saving for saving for retirement, especially in an employer plan or another type of plan where if funds are withdrawn, they might not be able to re-enter the retirement plan or resume contributions later. • If the client is of retirement age, the retirement plan/funds have reached maturity, and the client is able to access the funds without penalty, the resource is included. • If the retirement plan/funds have reached maturity and the client is able to access the funds without penalty, the resource is included. Under IRS regulation those age 72 or older must begin drawing a mandatory percentage from their retirement account each year. Therefore, the applicant would be able to access the money without a penalty without question. Note: Due to changes made by the SECURE Act, if your 70th birthday is July 1, 2019, or later, you do not have to take withdrawals until you reach the age of 72. ROLLOVER IRA – A rollover IRA is a type of Individual Retirement Account (IRA) that allows you to transfer funds from an employment sponsored retirement plan (like a 401(k) into an IRA. These are countable resources, and countable as income if withdrawn or transferred. HEALTH SAVINGS ACCOUNTS (HSA) – Health Savings Accounts are an excluded resource. OTHER RESOURCE EXCLUSIONS: