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All Definitions »HR 10 Plan
HR 10 Plan Meaning & Definition
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Definition of HR 10 Plan
HR 10 Plan is a qualified retirement account for self-employed individuals. Contributions are limited to the lesser of 20% of their gross income up to the annual maximum dollar amount.
Applying "HR 10 Plan" to Securities Exams:
HR-10, or KEOGH plans, are qualified plans available to self employed, but not incorporated, business owners. The maximum contribution to the Keogh is limited to the lesser of 20% of the individual’s gross income, up to the maximum contribution set by the IRS. If the business owner chooses to make a contribution to his HR-10 plan he must also make the same percentage contribution to all eligible employee’s plans.