Is there a maximum income one can receive from a pension plan?
2007-08-12 05:53:23 · 5 answers · asked by Mark S 1 in Business & Finance ➔ Taxes ➔ United States
No maximum, the amount you get depends on your employer and position and usually, length of service.
2007-08-12 13:49:15 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
I recently read a press release stating that finance guru, Earl Matthews (aid4families.com), is trying to change the current pension scheme. I read the site and they make many interesting and valid points, they believe that they should win by default since they have the highest paying program. If more companies shared Mr.Matthews views, the system wouldn't be in the mess it is today.
2007-08-13 09:39:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
To determine the actual minimum or maximum distribution amounts you need to contact the US Department of Labor, at www.dol.gov
They are the organization that regulates the Pension Plans and Distributions,
The IRS only is involved in the Taxation and admistration enforcement.
2007-08-12 13:04:06 · answer #3 · answered by Rob 7 · 0⤊ 1⤋
No, there is no limit from a pension plan. There is a limit from social security, but not from a pension plan, 401K, IRA, etc.
2007-08-12 13:08:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No.
2007-08-12 13:02:50 · answer #5 · answered by William C 7 · 0⤊ 0⤋