Retirement and Pension Accounts a) A complying superannuation/FHSA life insurance policy as defined in the
b) An exempt life insurance policy as defined in the Income Tax Assessment Xxx 0000, other than a policy referred to in subparagraphs (e)(i) or (iii) of subsection 320-246(1) of that Act.
c) A retirement savings account as defined in the Retirement Savings Accounts Xxx 0000.
Retirement and Pension Accounts. A retirement or pension account maintained in Latvia that satisfies the following requirements under the laws of Latvia.
a) The account is subject to regulation as a personal retirement account or is part of a registered or regulated retirement or pension plan for the provision of retirement or pension benefits (including disability or death benefits);
b) The account is tax-favored (i.e., contributions to the account that would otherwise be subject to tax under the laws of Latvia are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or taxation of investment income from the account is deferred or taxed at a reduced rate);
c) Annual information reporting is required to the relevant authorities in Latvia with respect to the account;
d) Withdrawals are conditioned on reaching a specified retirement age, disability, or death, or penalties apply to withdrawals made before such specified events; and
e) Annual contributions are limited to $50,000 or less, applying the rules set forth in Annex I for account aggregation and currency translation.
Retirement and Pension Accounts a) A retirement or pension account maintained in Korea that satisfies the following requirements under the laws of Korea.
i) The account is subject to regulation as a personal retirement account or is part of a registered or regulated retirement or pension plan for the provision of retirement or pension benefits (including disability or death benefits);
ii) The account is tax-favored (i.e., contributions to the account that would otherwise be subject to tax under the laws of Korea are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or taxation of investment income from the account is deferred or taxed at a reduced rate);
iii) Annual information reporting is required to the tax authorities in Korea with respect to the account;
iv) Withdrawals are conditioned on reaching a specified retirement age, disability, or death, or penalties apply to withdrawals made before such specified events; and
v) Either (A) annual contributions are limited to $50,000 or less, or (B) there is a maximum lifetime contribution limit to the account of $1,000,000 or less, in each case applying the rules set forth in Annex I for account aggregation and currency translation.
b) A retirement or pension account maintained in Korea and established as a Defined Benefit Retirement Pension Plan (Hwakjeong geubyeohyeong toejik yeon-geum jedo), Defined Contribution Retirement Pension Plan (Hwakjeong giyeohyeong toejik yeon- geum jedo), Retirement Pay System (Toejik-geum jedo), or an Individual Retirement Pension Plan (Gae-inhyeong toejik yeon-geum jedo) as defined in the Employee Retirement Benefit Security Act, provided that:
i) The account is tax-favored (i.e., contributions to the account that would otherwise be subject to tax under the laws of Korea are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or taxation of investment income from the account is deferred or taxed at a reduced rate);
ii) Annual information reporting is required to the tax authorities in Korea with respect to the account;
iii) Withdrawals are conditioned on reaching a specified retirement age, disability, medical condition, or death (except for certain specified circumstances prescribed by law for bankruptcy, insolvency, to purchase a first home, unemployment, natural disasters or because the individual moves outside of Korea); and
iv) Distributions from the account other than de minimis amounts are taxed to the beneficiary ...
