INDIVIDUAL RETIREMENT ACCOUNT (AAM)

INDIVIDUAL RETIREMENT ACCOUNT (AAM)

SR 08-17 Dated 02/06 Previous Policy

____________________________________________________________

Individual Retirement Accounts (IRA) are tax-sheltered accounts set up by an individual for retirement purposes.

Treatment : Countable Resource. Deduct any penalty for early withdrawal; the balance is a countable resource.

Exceptions:

. IRAs are an excluded resource for MEAD-eligible individuals.

. Assets transferred into an annuity that meets the definition of an Individual Retirement Account found in the Glossary, I-words , will not be considered a transfer of assets for less than fair market value for NF, HCBC/CFI, and the adult categories of financial assistance.