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you have now learned the concepts of retirement plans lets review some of the key areas from this section that will help you prepare to pass qualified vers non qualified plans qualified plans qualified plans are retirement plans for the exclusive benefit of employees and beneficiaries qualified plans provide tax benefits and must be approved by the IRS the plans must be permanent and in writing communicated to all employees can be defined contributions or benefits and cannot favor highly paid employees executives or stockholders qualified plans have the following features employer contributions are tax deductible as a business expense employee contributions are made with pre-tax dollars interest earned on contributions is tax deferred until withdrawn upon retirement non qualified plans non-qualifying plans have the following features they do not need to be approved by the IRS they can discriminate in favor of certain employees contributions are non tax-deductible an interest earned on
