Heroes Earned Retirement Opportunities Act (HERO)

Definition

A tax law passed in May of 2006 that offers military personnel stationed in combat zones and receiving tax-free combat pay the opportunity to use a traditional or Roth IRA for retirement savings. Previously, IRAs were not open to service members earning their full income in combat pay. The law was made retroactive to 2004 so that contributions could be made for those past years as well.
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Herfindahl-Hirschman index (HHI) heterogeneous