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Qualified Retirement Plan (QRP)
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A tax-deferred plan established by an
employer for employees under 1954 IRS rules. Such plans typically provide
for employer contributions and may also allow employee contributions. They
build up savings, which are paid out at retirement or on termination of
employment. The employees pay taxes only when they draw the money out. When
employers make payments to such plans, they receive specified deductions
and other tax benefits.
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