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MAABD MAABD MAABD MAABD MAABD MAABD MAABD MAABD E-410 Division of Welfare and Supportive Services RESOURCES Medical Assistance Manual TYPES OF RESOURCES (not all inclusive) 24 Sept MTL 04/24 PENSION FUNDS RESOURCE TYPE DESCRIPTION

PENSION FUNDS

1. Personal Property

2. Conditional Exclusion

Pension funds are funds held in individual retirement accounts (IRA) (as described by the IRS), or in work–related pension plans (including Keogh plans). A vested retirement account is an account to which an employee makes contributions for a specified period of time, as defined by the employer. The money contributed by the employee is not matched by the employer until the defined period of time ends.

Count money in an IRA or Keogh as a resource, even if there is a penalty for early withdrawal. Deduct the early withdrawal penalty and count the remainder as a resource.

Do not count Keogh plans as a resource if there is a contractual withdrawal agreement with other people who are not household members but share the same fund. Consider this resource inaccessible.

Count money in a vested retirement account as a resource, unless early withdrawal is prohibited.

If a vested retirement account is attached and distribution or availability of funds is blocked by a court order due to divorce or child support, consider this resource inaccessible.

Count money in a 401K plan as a resource.

Any retirement fund is not a resource if an individual must terminate employment to obtain any payment.

Pension funds of the customer’s ineligible spouse are excluded, unless spousal impoverishment rules apply.

Verification: (not all inclusive)

– Financial statements – Tax return documents