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    4 Types of Retirement Plans and Employer-Sponsored Plans

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    Thanu Suthatharan
    There are four main types of retirement plans: government-sponsored plans like Social Security; personal plans such as IRAs; annuities which are contracts with insurance companies; and employer-sponsored plans including qualified plans that meet IRS and ERISA requirements offering tax benefits, and non-qualified plans that do not meet the requirements.

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    4 Types of Retirement Plans and Employer-Sponsored Plans

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    Thanu Suthatharan
    28 views1 page
    There are four main types of retirement plans: government-sponsored plans like Social Security; personal plans such as IRAs; annuities which are contracts with insurance companies; and employer-sponsored plans including qualified plans that meet IRS and ERISA requirements offering tax benefits, and non-qualified plans that do not meet the requirements.

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    plan 1

    Original Title

    Retirement Plan 1

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    There are four main types of retirement plans: government-sponsored plans like Social Security; personal plans such as IRAs; annuities which are contracts with insurance companies; and employer-sponsored plans including qualified plans that meet IRS and ERISA requirements offering tax benefits, and non-qualified plans that do not meet the requirements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    28 views1 page

    4 Types of Retirement Plans and Employer-Sponsored Plans

    Uploaded by

    Thanu Suthatharan
    There are four main types of retirement plans: government-sponsored plans like Social Security; personal plans such as IRAs; annuities which are contracts with insurance companies; and employer-sponsored plans including qualified plans that meet IRS and ERISA requirements offering tax benefits, and non-qualified plans that do not meet the requirements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    4 Types of Retirement Plans and

    Employer-Sponsored Plans
    Among the different types of retirement plans, there are four main types:
    government-sponsored plans, personal plans, annuities, and employer-
    sponsored plans.

    Government-sponsored Plans: The largest government-


    sponsored retirement plan is the Social Security plan.
    Personal Plans: The most popular example is the Individual
    Retirement Agreement or IRA, which can come in different types
    according to their tax treatment.
    Annuities: These are contracts established with an insurance
    company; there are fixed and variable annuities.
    Employer-sponsored Plans: The two types of employer-sponsored
    retirement plans are qualified and non-qualified retirement plans.
    o Qualified retirement plans meet the Internal Revenue Code
    requirements and the Employee Retirement Income Security
    Act of 1974 (ERISA) requirements. These plans offer several
    tax benefits: they allow employers to deduct annual allowable
    contributions for each participant; contributions and earnings
    on those contributions are tax-deferred until withdrawn for
    each participant; and some of the taxes can be deferred even
    further through a transfer into a different type of IRA.
    o Non-qualified retirement plans are those plans that either
    do not meet the IRS Code requirements or the ERISA
    requirements.

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