KEOGH PLANS

Sole proprietors, partnerships (but not individual partners) and corporations may establish qualified retirement plans. A qualified retirement plan set up by a self-employed individual is frequently called a Keogh plan. The Keogh name comes from the Congressman who sponsored the legislation allowing these types of plans for individuals. They are also sometimes referred to as H.R. 10 plans (H.R. 10 was the number of the House bill enacting these plans). A Keogh plan can cover both the self-employed person who establishes the plan and his or her employees.