Retirement Savings Accounts

Learn about Banking, Budgeting and Savings, Credit and Debt, Credit Card, Family Finances, Financial Fraud, Home Ownership, Insurance, Loan Basics, Retirement Planning, Taxes, Wealth and more on AwesomeFinTech 👇

Terms in Retirement Savings Accounts

401(a) Plan

A 401(a) plan is an employer-sponsored money-purchase retirement plan funded with contributions from the employee, the employer, or both. read more

403(b) Plan

A 403(b) plan is similar to a 401(k) but is designed for certain employees of public schools and tax-exempt organizations among other differences. read more

457 Plan

457 plans are non-qualified, tax-advantaged, deferred compensation retirement plans offered by state, local government and some nonprofit employers. read more

After-Tax Contribution

An after-tax contribution is a deposit into a retirement account of money that has been taxed in the year in which it was paid into the account. read more

Cliff Vesting

In cliff vesting, employees receive full benefits from their retirement plan account at a certain date, versus becoming vested gradually over time. read more

Civil Service Retirement System (CSRS)

The CSRS provided the retirement, disability, and survivor benefits for most U.S. civilian service employees working for the federal government. read more

Custodial Agreement

Retirement and health benefit accounts typically include a custodial agreement to allow a professional third party to administer a plan. read more

Deferred Compensation

Deferred compensation is when part of an employee's pay is held for disbursement at a later time, usually providing a tax deferred benefit to the employee. read more

Employee Savings Plan (ESP)

An employee savings plan (ESP) is an employer-provided tax-deferred account typically used to save for retirement, such as a defined contribution plan. read more

Employee Retirement Income Security Act (ERISA)

The Employee Retirement Income Security Act (ERISA) protects workers' retirement savings by ensuring fiduciaries do not misuse plan assets. read more

show 26 more