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Investments Continued

IRA 401K / 403(b) Other Investments Definition Individual Retirement Account; There are four main types: Roth IRA- The client pays taxes during accumulation. o Traditional IRA- The client pays taxes upon withdrawal. o SIMPLE - Savings Incentive Match Plan for Employees. o SEP -Simplified Employee Pension IRAs for self-employed individuals or small business owners.

Established by employers for eligible employees to make salary deferral contributions on a post- tax and/or pretax basis. Employers offering a 401K or 403(b) plan may make matching or non- elective contributions to the plan on behalf of eligible employees.

An asset or item that is purchased with the hope that it will generate income or appreciate in the future. e.g., Shares of a business, oil and mineral rights. Verification Source IRAs will be verified electronically if available through the Asset Verification System (AVS).

A copy of the most current quarterly or monthly (if available) statement. Statement should include: • Client name. • Financial institution name. • Date. • Account number (at least the last 3 digits). • Account balance.

A copy of the most current quarterly or monthly (if available) statement. Statement should include: • Client name. • Financial institution name. • Date. • Account number (at least the last 3 digits) • Account balance. A copy of any legal documentation of the agreement.

Examples include, but are not limited to: partnership agreements, articles of incorporation, any other documents that pertain to the rights of the applicant to sell or control the business. When to Verify •At initial and renewal applications. •If the client reports a change that affects eligibility.

•At initial and renewal applications. •If the client reports a change that affects eligibility. •At initial and renewal applications. •If the client reports a change that affects eligibility. Exemptions, Disregards and Comments • These funds are considered an available resource even though there is a penalty for withdraw.

• If funds are not accessible in an employer-controlled 401K or 403(b) due to age, employment status restrictions etc., verification is needed from employer.

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