When and by what law were IRAs first created?

[Kathy]

Help. My marketing department is putting together something on IRAs and wants to reference the first tax year for which you could have made an IRA contribution and what law created them. I'm drawing a complete blank - I've been in the business for 14+ years and they've been around as long as I remember - I know I should know this but don't.

Can you help, please? Thank you in advance,

Kathy

[QDROphile]

P.L. 93-406 (ERISA) added section 408(a)to the Internal Revenue Code, effective for taxable years beginning after 1974. That is as far back as I have traced.

[Kathy]

Thank you QDROphile!!!! I really should have known that one - will we all be having a 25th birthday party for ERISA this September?

[John Olsen]

And we all know what ERISA stands for, right?

Every Ridiculous Idea Since Adam.

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John L. Olsen, CLU, ChFC

Olsen Financial Group

St. Louis, MO