| (a) In this section: (1) an employment-related annuity means an annuity that provides a return on prior services, as part of or in a similar manner to a pension or retirement plan; and (2) a retirement-related annuity means an annuity purchased by or on behalf of an annuitant in an institutional setting. (b) An employment-related annuity or a retirement-related annuity established before February 8, 2006, is not a countable resource. Income from such an annuity is treated in accordance with 20 CFR §§416.1120 - 416.1124. (c) An employment-related annuity established or having a transaction on or after February 8, 2006, is not a countable resource. Income from such an annuity is treated in accordance with 20 CFR §§416.1120 - 416.1124. (d) A retirement-related annuity with a purchase or transaction date on or after February 8, 2006, is not a countable resource, if the annuitant's income eligibility is determined under the special income limit. Income from such an annuity is treated in accordance with 20 CFR §§416.1120 - 416.1124, if the annuity: (1) is an annuity described in subsection (b) or (q) of §408 of the Internal Revenue Code of 1986; or (2) is purchased with proceeds from: (A) an account or trust described in subsection (a), (c), or (p) of §408 of the Internal Revenue Code of 1986; (B) a simplified employee pension (within the meaning of §408(k) of the Internal Revenue Code of 1986; or (C) a Roth IRA described in §408A of the Internal Revenue Code of 1986. |
