What is another name for a Keogh plan?

A Keogh plan is commonly referred to as an HR 10 Plan. This type of retirement plan is specifically designed for self-employed individuals and unincorporated businesses, allowing them to contribute a significant amount toward their retirement savings. The term "HR 10" comes from the legislation that established these retirement plans, emphasizing their regulatory framework.

This naming indicates that Keogh plans provide tax advantages and certain compliance requirements aimed at encouraging self-employed individuals to save for retirement. The contributions made to an HR 10 Plan can be tax-deductible, which enhances their appeal for retirement planning.

In contrast, a 401(k) Plan is typically offered by employers for their employees, while a Roth IRA is an individual retirement account that allows for tax-free withdrawals in retirement. A Simplified Employee Pension Plan (SEP) differs from a Keogh plan as it is designed primarily for small businesses and allows contributions to be made for employees, but it operates under different regulations and limits. Each of these plans serves specific purposes and populations, thus distinguishing them from the Keogh or HR 10 Plan, which caters mainly to self-employed individuals.