Many employers sponsor a retirement savings plan for their employees, which are commonly known as Defined Contribution Plans. Under these plans you can save money toward your retirement on a tax-deferred basis – that is, you don’t pay federal or state income taxes on your savings or their investment earnings until you withdraw the money at retirement.
Most people’s taxable income – and therefore, their tax rate – is expected to be lower at retirement than during employment, so one ends up paying considerably less in taxes on their savings.
The most common types of employer-sponsored retirement savings plans are called 401(k), 403(b) or 457 plans – so named for the Internal Revenue Service tax codes that govern them – and Thrift Savings Plans. Each has a different target audience:
- 401(k) plans are offered to employees of public or private for-profit companies.
- 403(b) plans are offered to employees of tax-exempt or non-profit organizations, such as public schools, colleges, hospitals, libraries, philanthropic organizations and churches.
- 457 plans are offered to employees of state and local municipal governments (and some local school and state university systems).
- Thrift Savings Plans are offered to federal civilian and uniformed services employees.
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