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A 401 (k) plan is a tax-advantaged retirement savings tool offered by employers that allows eligible employees to contribute a portion of their salary up to a set amount each year. Unlike ...
Retirement Savings Plan (RSP) This is a Defined Contribution plan that establishes an account in your name into which your contributions and the employer (State of Illinois) contributions are placed. You decide how your account balance will be invested, selecting from a variety of mutual funds and variable annuities. Reciprocity
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. [1] Periodic employee contributions come directly out of their paychecks, and may be matched by the employer. This pre-tax option is what makes 401 (k) plans ...
Most 401(k) fees are borne by the plan participants, and those high fees leave less in your account to compound over time. Your 401(k) plan is required to send you an annual fee disclosure statement.
People hired after July 1, 2011, choose either a traditional pension plan or a 401(k)-type plan, with the state contributing 10 percent of an employee's salary (12 percent for uniformed workers) to whichever plan a worker chooses. Employer contributions to the pension plan for new employees are capped at 10% of the employees salary.
A 401(k) is a retirement savings account that offers several tax advantages that you can receive as part of your employee benefits program. Read to learn more. What Is a 401(k) Plan?
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