For the most part, you receive ESOP benefits after leaving employment. The "plan year" is the ESOP's annual reporting period, which may follow the calendar year or be something different like July 1 to June 30.The plan's "normal retirement age" cannot be later than 65 or, if later, the fifth anniversary of plan participation.
Exclusion benefits are phased out for joint or single filers with modified adjusted gross income that exceeds the limit.
Click Here for News on the Wentworth Auction APRIL 7, 2017 – The Board of Trustees of Wentworth Military Academy and College announces that the school will cease all educational and related operations at its campus located in Lexington, Missouri, and its learning site in Cameron, Missouri, at the end of this academic year, which falls on May 31, 2017.
Or if eligible, you might opt for a Roth IRA and contribute after-tax money in exchange for tax-free distributions down the road. If you run afoul of some of the IRS rules surrounding these accounts, the penalties can be quite stiff—all the way up to a disqualification and taxation of your entire account if you're not careful.
(For more details on which account might be best for you, see: and Saving for Retirement: IRA vs. Ignorance of the law is no excuse, and with very few exceptions the IRS isn't forgiving of mistakes.
Excess contributions If you contribute more than the law allows in any year based on contribution or income limits for your filing status, or age limitations (you can't contribute to a traditional IRA past age 70½), the penalty is 6% of the excess amount for each year in which you fail to take corrective action.