Page 223

16.10 Indian Lands Exclude a Native American's interest in or possession of land that is held by an individual Native American or tribe, and that can only be disposed of with the approval of other individuals, the tribe, or the federal government. This page last updated in Release Number: 08-01 Release Date: 02/01/08 Effective Date: 02/01/08 16.11 Retirement Funds 16.11.1 Types of Retirement Funds Retirement funds include employer-sponsored retirement plans and individually owned retirement plans. Employer-Sponsored Retirement Plans Employer-sponsored retirement plans include: • 401(k) or SIMPLE 401(k). • 403(b) Plans: For employees of public schools and certain tax-exempt organizations. • 457(b) Plans: Deferred compensation plans available to state and local government employees. • Thrift Savings Plans (TSPs): Similar to a 401(k) plan but only available to federal employees and military members. • Qualified Pension Plans: Employer-sponsored pension (such as Wisconsin Retirement System’s Employee Trust Fund (ETF)). • Profit-Sharing Plans: Employer-contributed plans. Individually Owned Retirement Plans Individually owned retirement plans include: • Keogh plans: For self-employed individuals. • Individual retirement arrangements (IRAs): Types include traditional, Roth, SEP, and SIMPLE IRAs. An IRA can be in the form of an individual retirement account or an individual retirement annuity. An individual retirement account can hold a variety of asset types, including stocks, bonds, mutual funds, annuities, CDs, and other assets. An individual retirement annuity, or IRA annuity, invests only in fixed or variable annuities and provides a guaranteed income stream at retirement. IRA annuities can be in accumulation or pay out status, but most often IRA annuities are annuitized at the time they are established. IRAs cannot be jointly owned and have exclusive benefits for the individual who owns them. In rare situations IRA ownership may transfer. Other Funds Set Aside for Retirement Funds that are intended for retirement but not held in an employer-sponsored or individually owned retirement plan are not considered retirement funds for purposes of Medicaid eligibility. They are