All of the following are characteristics of a qualified retirement plan, EXCEPT:

All of the following are characteristics of a qualified retirement plan, EXCEPT:



a. Employer contributions are immediately tax deductible to the employer

b. Employee contributions are either pre-tax or tax deductible

c. The penalty for premature distributions may be waived for death, disability, qualified education costs, medical expenses and first -time homebuyers

d. Employers in private industry are required to establish pension plans



Answer: D

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