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Overview of Accounts

We know that no two investors are exactly alike. So Lord Abbett offers a wide range of account types, whether your objective is saving for a comfortable retirement, paying for a child's education, creating a lasting legacy—or some combination of these goals.

Account Type
General Mutual Fund Account UTMA/UGMA Account Corporation/Partnership Account Estate Account Trust Account
Features A General Mutual Fund account is a taxable account where mutual funds are held. A Uniform Gifts to Minors account allows the minor to own assets without an attorney setting up a special trust. The ownership works like it does with a trust, except that the donor must appoint a custodian to look after the account. The account can be opened by the representative of the estate, usually referred to as an executor or administrator. These types of accounts are held in the name of a decedent that is administered by an executor or administrator of the estate. A mutual fund account set up under a legal trust agreement for the benefit of an individual or group. A trust account is managed by a trustee.
Who is it right for? These accounts are established for individuals, Joint Tenants with Right of Survivorship, or Tenants in common. This account will allow the minor to own assets without an attorney setting up a special trust fund. The ownership of the funds works like it does with a trust, except that the donor must appoint a custodian to look after the account. Generally, upon the death of the Trustee, a successor Trustee is designated to manage the account. The account can be opened by the representative of the estate, usually referred to as an executor or administrator. Generally, upon the death of the Trustee, a successor Trustee is designated to manage the account.
Additional Information

Traditional IRA

IRA Application

Roth IRA

IRA Application

Rollover IRA

Individual Retirement Products

Account Type

Traditional IRA

Roth IRA

Rollover IRA

Features A Traditional IRA is a tax-deferred savings plan available to all working individuals under age 70 and their spouses, if the spouse is also under age 70. It is set up for the exclusive benefit of an individual, although a beneficiary(ies) may ultimately receive the proceeds. A Roth IRA is a potentially tax-free savings plan available to individuals, and their spouses, also if they are married, subject to certain income requirements. Participation in a retirement plan does not affect your eligibility to contribute to a Roth IRA, unless contributing to one lowers your current income enough, allowing you to meet the income requirements. All withdrawals, including any investment appreciation, are potentially tax-free. When an individual leaves a job, the former employer is required to give them distribution options, one of them being the option of having an eligible distribution transferred directly, penalty- and tax-free, to an IRA or another qualified plan. The Lord Abbett no-cost rollover IRA should be considered.
Who is it right for?
  • If the individual is not covered by a qualified plan and need tax-deferred retirement saving.

  • If individual has fully funded a tax-deferred savings plan at work such as a 401(k) or 403(b) and wants additional tax deferral on savings.

  • If individual needs to supplement their workplace retirement savings.

  • If individual is a non-working spouse and has little retirement savings.

  • If individual wishes to seed account with non-deductible dollars to take advantage of the Roth conversion opportunity.

  • If an individual's income qualifies and they do not need or significantly benefit from receiving a current tax deduction on the contribution and/or receiving tax-free income from and IRA interests them.

  • If an individual believes future tax rates will be higher than today's tax rates, so that dollars coming out, from a tax perspective, are worth more than dollars being contributed.

  • If an individual is contemplating passing their Roth account along to the next generation, providing a tax-free legacy. This tax-efficient transfer is made easier, as the Roth IRA does require you to take withdrawals while the individual is alive.

  • If an individual's spouse inherits their Roth IRA he/she also does not need to take withdrawals while still alive.

  • If an individual is eligible to receive a qualifying distribution from a retirement plan on which they do not wish to pay current taxes on any distribution.

  • If an individual wishes to continue tax deferral on their retirement savings.

  • If an individual is separating from service after turned 55, but are currently under age 59½, they should only consider rolling over assets that they will not need before age 59½, as a 10% penalty reattaches upon completion of rollover as it (the 10% penalty) does not apply to the distribution from the qualified plan.

  • If an individual has access to an in-service distribution and wishes to diversify their investments versus the options offered via their current retirement plan.

Additional Information

IRA Application

IRA Application

Transfer Application

IRA Application

 

Small Business Plans

Account Type

Simple IRA

SEP IRA

403(b) Plan

Features A SIMPLE-IRA program enables your small-business clients to have an easy and cost-effective retirement savings program while obtaining a current federal tax deduction on all contributions. SEP-IRAs enable your small-business clients to have a cost effective retirement savings program while obtaining a current federal tax deduction on all contributions. Non-profit organizations and public or private schools can establish 403(b) programs that allow their employees to save up to $17,500 and sometimes more for retirement on a pre-tax or Roth after-tax basis. Sponsoring organization contributions are also permitted.
Who is it right for?
  • A small-business owner who wants to reduce current taxes while saving for retirement

  • Business owners looking for an easy and affordable retirement plan to help their employees save for retirement; or

  • Business owners who want to do something for their employees but who do not want the administrative responsibilities of a qualified plan (e.g., annual filings, non-discrimination testing, and fiduciary duties).

  • A business owner who has no employees, or a few short-term employees, and would like to make contributions just for themselves.

  • Business owners who realize a tax deduction is needed after their fiscal year ends, as SEPs may be adopted retroactively.

  • Business owners who want to do something for their employees but do not want the administrative responsibilities of a qualified plan (e.g., annual filings and fiduciary duties).

  • Employees of nonprofit and tax-exempt organizations recognized under Internal Revenue Section 501(c)(3), such as schools, churches, and hospitals, to invest money on a pretax and or Roth aftertax basis.

Additional Information

Plan Setup: SIMPLE IRA Plan Sponsor Guide

SIMPLE IRA Account Application (Employee)

SIMPLE IRA Account Transfer Application (Employee)

SIMPLE IRA Custodial Agreement

IRA Application

403(b) Plan Application

403(b) Transfer Application

403(b) Custodial Agreement

 

Government & Non-Profit Plans

Account Type

Government 457(b) Plan

Non-Government 457(b) Plan
Features Governmental entities such as local municipalities can establish 457(b) plans that allow their employees to save up to $17,500 and sometimes more for retirement on a pre-tax or Roth after-tax basis. Non-profit organizations can establish 457 plans that allow their senior executives to save more than is permitted through a 401(k) or 403(b) plan. The savings can either be employer or employee generated.
Who is it right for?
  • Employees of states, political subdivisions of a state, or any agency or instrumentality of a state to invest money on a pretax or Roth aftertax basis through salary reductions. The employer deposits amounts withheld into an annuity, custodial, or a trust account, where the funds accumulate tax-deferred or potentially tax free in the case of Roth aftertax contributions until withdrawals commence, usually at retirement. Lord Abbett supports 457(b) assets being invested via a plan trust account.

  • Employers and/or certain employees have the ability to defer a specified amount of pretax income. Nongovernmental 457 plans must be limited to higher-compensated employees only. Because 457 plans limit eligibility to its top ranking employees, 457 plans are often called "top-hat" plans.

Additional Information

Plan Setup: 457(b) Plan

Plan Setup: 457(b) Plan

Account Type

Coverdell ESA

Features

The Coverdell Education Savings Account (ESA) was created to help individuals save for a child's education expenses covering grades K-12 and qualified post-secondary education. An ESA is not a retirement plan; instead, it is an education savings device using the IRA model. Contributions are not tax-deductible, but when accumulations are used to pay qualified education expenses, the distributions are tax-free.

Who is it right for?
  • If an individual wants to save tax-efficiently for a child's education.

  • If an individual is saving for education and wants to control where and how the funds are invested. Many Internal Revenue Code Section 529 plans (529 Plan) create an investment glide path and model portfolios based on the child's age, so the investor has no choice as to how the money is allocated. The 529 limits, however, are much higher and you can have both an ESA and a 529 plan.

Additional Information

Coverdell ESA Update

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