This would be an employer sponsored retirement plan. With these you will put in so much money each month and the employer will match your contribution by some percentage.
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retirement
A defined benefit plan provides a set amount of benefit to the employee at the time of retirement, and a defined contribution plan specifies the amount of money an employer contributes to a retirement fund for each individual employee.
A defined benefit plan provides a set amount of benefit to the employee at the time of retirement, and a defined contribution plan specifies the amount of money an employer contributes to a retirement fund for each individual employee.
A defined benefit plan provides a set amount of benefit to the employee at the time of retirement, and a defined contribution plan specifies the amount of money an employer contributes to a retirement fund for each individual employee.
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FERS is a retirement system that includes both a small defined benefit plan and a defined contribution plan. The Thrift Savings Plan is the defined contribution plan used in FERS.
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A defined contribution plan is a retirement plan where the amount contributed is defined, but the eventual payout is not guaranteed. In contrast, a defined benefit plan guarantees a specific payout amount based on factors like salary and years of service.
A defined contribution plan is a retirement plan where the amount contributed is defined, but the eventual payout is not guaranteed. In contrast, a defined benefit plan guarantees a specific payout amount based on factors like salary and years of service.
Defined Contribution Plan
If you are employed and have a defined contribution plan as part of your salary, this means that the percentage of your income that goes towards your retirement is at a fixed rate, and will not change.