[Skip to Content]
[Skip to Content Landing]
Article
Sept 28, 1963

The AMA Members' Retirement Plan

JAMA. 1963;185(13):1019-1022. doi:10.1001/jama.1963.03060130037011

This article is only available in the PDF format. Download the PDF to view the article, as well as its associated figures and tables.

Abstract

The American Medical Association has now established a retirement plan for qualified member physicians and their full-time employees.

The Plan is made possible by the Keogh Bill (Public Law 87-792), signed into law on Oct 10, 1962, allowing the self-employed to participate in tax-deferred retirement programs.

According to this law, a self-employed individual can set aside in a qualified retirement fund up to $2,500 or 10% of his annual income, whichever is less, of which the first 50% is tax deductible. In order to qualify, a self-employed individual must provide proportionate benefits for any full-time employee who has worked for him for at least 3 years, or he may contribute for all of his full-time employees regardless of their length of service. However, the coverage in either case must be on a nondiscrimatory basis. The entire amount contributed for employees is tax-deductible.

First Page Preview View Large
First page PDF preview
First page PDF preview
×