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A target benefit plan is a type of pension plan that is similar to a defined contribution plan in that it involves fixed contributions, or a fixed range of contributions, which are set independently of a plan's funded position. Benefits are based on affordability projections. Plan members share plan risk through adjustments to their benefits.
A new brief from the Center for Retirement Research at Boston College makes the case for scrapping tax benefits on retirement plans like 401 (k)s and IRAs, potentially adding billions of dollars ...
Examples of defined contribution plans include individual retirement account (IRA), 401 (k), and profit sharing plans. In such plans, the participant is responsible for selecting the types of investments toward which the funds in the retirement plan are allocated.
In the United States, a 401(k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401(k) of the U.S. Internal Revenue Code. Periodic employee contributions come directly out of their paychecks, and may be matched by the employer .
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Employer-sponsored 401 (k) accounts have become a default retirement vehicle for millions of American workers. Nearly 70 % of Americans working in the private sector had access to employer ...