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ARTICLE |

The AMA Members' Retirement Plan

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

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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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