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Term Definition Qualified (Retirement) Plan - a retirement plan that meets criteria set forth in ERISA and the I.R.C.
Application in Divorce Qualified plans include IRAs, simplified employee pension plans, tax-shelter annuities -- such as 401(k)s, 403(b)s and 457s -- and profit sharing and pension plans guarantied by the PBGC.

Generally, premature withdrawals -- those before 59 1/2 years -- result in a 10 percent penalty in addition to the income tax due, and withdrawals must begin by age 70 1/2 years.