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West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 44 Chapter 5 Assets

Pensions or other retirement funds of spouse’s ineligible to be included in the SSI-related Medicaid category because they are not aged, blind, or disabled are not deemed, nor are those belonging to parents or spouses of parents. Once removed from the pension or retirement account, the fund(s) is counted according to the policy for the asset to which it is converted (e.g., bank account, CD). 5.5.35.C IRA, Keogh, Simplified Employer Pension Plan, or Similar Plans SNAP: The following are excluded: • Tax-preferred retirement accounts such as, but not limited to: o Simple 401(k) o 501(c) o 18, 403(b) plan o 457 plan • Federal Employee Thrift Savings plan • Keogh plan • IRA • Roth IRA • SIMPLE IRA • Simplified Employer plan • Profit sharing plan • Pension or traditional defined-benefit plan, or • Cash Balance plans WV WORKS and AFDC-Related Medicaid: IRAs, Simplified Employer Pension Plans (SEPs), which are considered to be IRAs, and funds held in Keogh plans that do not involve the AG member in a contractual relationship with individuals who are not AG members, are counted as assets. The amount counted is the total cash value of the account or plan, minus the amount of the penalty, if any, that would be applied for the early withdrawal of the entire amount. If the KEOGH Plan is such that individual participants may make withdrawals without affecting in any way other parties who are not AG members, the AG member's funds in the KEOGH Plan, minus any penalty affecting him only, are counted as an asset. The exclusion of the Keogh plan SNAP WVW, AFDC-Related SSI Groups No* Yes * Yes *