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Hi folks,

Tried this on the Tax Strategies board to no avail. Perhaps someone here has some insight:

The Hong Kong gov't is instituting something called the Mandatory Provident Fund--all employers have to contribute the lesser of 5% of a worker's salary or HKD$1000 (about USD$125) per month to what is essentially a retirement fund. Workers have to do the same. Such a thing is brand new here. We've not been covered by any such thing up to now.

Would the IRS consider this a 'qualified retirement plan'? (As you might guess, this is an IRA eligibility question. We've qualified for deductible IRAs each year because we weren't covered by any plan.) Anyone have a clue whether the plan described will meet the IRS's 'qualified' standard? Or how I might research this?

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