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For the most part, the plan operates similarly to a 401(k) or 403(b) plan with which most people in the US are familiar. The key difference is that unlike with a 401(k) plan, it has no 10% penalty for withdrawal before the age of 55 (59 years, 6 months for IRA accounts) (although the withdrawal is subject to ordinary income taxation).
The first implementation of the 401(k) plan was in 1978, about three weeks after Section 401(k) was enacted, before the Revenue Act of 1978 even went into effect. Ethan Lipsig, of the outside law firm for Hughes Aircraft Company, sent a letter to Hughes Aircraft outlining how it could convert its after-tax savings plan into a 401(k) plan. [6]
Employees can acquire stock through three programs: an ESOP "PROFIT" [119] plan, 401(k) "SMART" (Saving Makes A Richer Tomorrow) plan, and an employee stock purchase plan. As of August 1, 2024, Publix stock is valued at $16.46 per share after a 5/1 stock split on April 1, 2022. [120] Publix stock was quoted on the US OTC market under the code ...
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.
Wespath supervises and administers retirement plans, investment funds, health and welfare benefit plans for active and retired clergy and lay employees of the Church. In accordance with its fiduciary duties, Wespath administers benefit plans and invests using Christian finance principles.
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