Definition
Self-contributory saving or pension plan for self-employed individuals or employees not covered in their employer's pension plans in the US. A tax-deferred scheme, it allows individuals to set aside a certain maximum of their pre-tax income. Similar to the individual retirement account (IRA), Keogh Plan allows the investment earnings to grow without imposition of tax unless money is withdrawn before the individual reaches the age 59½ years. Named after its proposer, the New York Congressman Eugene J. Keogh. Also called self-employed pension.
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