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AMA Members' Retirement Plan

JAMA. 1967;201(1):23-24. doi:10.1001/jama.1967.03130010049011.
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ABSTRACT

AMA Plan Established Under the Keogh Law  In 1962, Congress passed the "Self-Employed Individuals Tax Retirement Act," commonly referred to as the Keogh-Smathers Law, or Keogh Law. Under this law the self-employed individual can establish a retirement plan and make annual contributions of an amount up to 10% of his annual earned net income from self-employment or $2,500, whichever is less, to a retirement fund set up under a qualified plan. Half of this annual contribution is deductible for federal income tax purposes.The law requires that contributions also must be made on behalf of all eligible employees with three or more years service. These contributions are tax deductible by the employer.

Amendment to Keogh Law  Pursuant to a 1966 amendment to the Keogh Law, which is effective for taxable years beginning after 1967, any Employer may deduct, in respect to any fiscal year, the full amount of the allowable

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The American Medical Association is accredited by the Accreditation Council for Continuing Medical Education to provide continuing medical education for physicians. The AMA designates this journal-based CME activity for a maximum of 1 AMA PRA Category 1 CreditTM per course. Physicians should claim only the credit commensurate with the extent of their participation in the activity. Physicians who complete the CME course and score at least 80% correct on the quiz are eligible for AMA PRA Category 1 CreditTM.
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