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A Flexible Benefits Plan May Include Certain Non-Optional Items

question 58

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A flexible benefits plan may include certain non-optional items.


Definitions:

Nontaxable

refers to income or financial transactions that are not subject to tax by the government.

Traditional IRAs

Retirement savings accounts that allow individuals to make pre-tax contributions, deferring taxes until the money is withdrawn.

Roth IRAs

Retirement accounts where contributions are made with after-tax dollars, and qualified withdrawals in the future are tax-free.

Coverdell Education Savings Accounts

A tax-advantaged investment account in the United States designed to encourage savings for future education expenses.

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