INDIVIDUAL RETIREMENT ACCOUNT (IRA) (MAM)

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Individual Retirement Accounts (IRAs) are tax-sheltered accounts set up by an individual for retirement purposes.

Treatment: Countable Resource. Deduct any penalty for early withdrawal; the balance is a countable resource.

Exceptions:

. IRAs are an excluded resource for MEAD-eligible individuals.

. Assets transferred into an annuity that meets the definition of an Individual Retirement Account found in the Glossary, I-words, will not be considered a transfer of assets for less than fair market value for NF, HCBC/CFI, and the adult categories of financial assistance.