He did say something about self directed, so it may be a self directed IRA. 

I just dont understand how this really works, I think I might have scared him now that I showed him that money hes been paying isnt going into his IRA. But maybe the payout (if and when that ever happens) would be reflected in the FMV of the IRA.

I tend to warn people away from self directed IRAs, but they never mentioned this to me until last night.

I thought it odd that his 60k thats been in there for 5 years hasnt grown at all, not even some measly interest on it?  I guess hes kind of stuck now, if he pulls out, hes lost the 22k hes paid into this.  Feels weird investing in someone to die so you can collect the money.

Just thought maybe someone had seen these before.