Payroll deduction individual retirement account (IRA)

{
  "id": "MLC-T-ECS-001412",
  "term": "Payroll deduction individual retirement account (IRA)",
  "field": "Economic statistics",
  "definition": "Retirement savings account established by the employer on behalf of the employee, with no employer contributions and with the employee authorizing a payroll deduction by the employer.\n\nNote: The employee can open either a traditional (tax-deductible) or Roth (contributions are made after taxes but accumulate tax free until retirement) account with a financial institution. As long as the employer’s involvement is minimal, the account is not treated as an employer-sponsored retirement account and is not subject to the legal requirements of such accounts.",
  "references": [
    "BLS Glossary"
  ],
  "url": "https://mlchart.com/terminology/economic-statistics/payroll-deduction-individual-retirement-account-ira/"
}