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SIMG_V_TRTP_US_AGE_L - Maintain age limits

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Maintain the age limits for making contributions to and taking distributions from a retirement plan.

Four age limits can be maintained per retirement plan type:

• The age limit at which contributions to a retirement plan can be made.

• The age limit at which contributions to a retirement plan cannot be made (without being subject to a penalty tax). Example: when the accountholder of a Coverdell education savings account turns 18, contributions cannot be made to his/her IRA.

• The age limit at which the accountholder is eligible to make distributions. Example: when the accountholder of a traditional IRA turns 59.5, he/she is eligible to make distributions from his/her IRA.

• The age limit at which the accountholder is required to make distributions. Example: when the accountholder of a traditional IRA turns 70.5, he/she is required to make distributions from his/her IRA. Failing to do this will lead to a tax penalty.

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