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There are two basic types of retirement plans typically offered by employers ? defined benefit plans and defined contribution plans. In a defined benefit plan, the employer establishes and maintains a pension that provides a benefit to plan participants (employees) at retirement.
The Georgia State Employees' Pension and Savings Plan (GSEPS) combines a traditional pension plan with a 401(k) plan that includes an employer match. The 401(k) plan offers flexibility and ?portability? and the pension plan rewards state career longevity.
Pension Plan: An Overview. A defined-contribution plan allows employees and employers (if they choose) to contribute and invest funds to save for retirement, while a defined-benefit plan provides a specified payment amount in retirement.
The Georgia Defined Contribution Plan (GDCP) provides a retirement system for temporary and part-time employees working for state departments or institutions.
The major types of 401(k) plans are traditional 401(k)s and Roth 401(k)s. Smaller employers may offer you a SIMPLE retirement account, or a safe harbor 401(k) plan.
You are eligible to receive benefits upon reaching age 60. Once you reach 30 years of service or age 60, you are eligible for an immediate benefit without penalties.
The Employee Retirement Income Security Act (ERISA) covers two types of retirement plans: defined benefit plans and defined contribution plans. A defined benefit plan promises a specified monthly benefit at retirement.
Can You Contribute to a 401(k) and 403(b) at the Same Time? You can contribute to both a 403(b) and a 401(k) if your employer offers both types of plans. Note there are limits on the combined total contributions you can make on an annual basis.