What is a 529 plan contribution?

Answer A contribution to a Section 529 college savings plan offers federal tax savings now and in the future. Earnings in a plan grow tax-free, and the money can be withdrawn tax-free if used for qualifyi... Read More »

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What is a defined contribution retirement plan?

A defined contribution retirement plan is a retirement account offered by employers (such as a 401k) that depends on both employee contributions and the investment performance of those contribution... Read More »

What is the maximum contribution to a 403b plan?

The maximum contribution to a 403b plan can change with inflation and varies depending on your age. As of 2010, the maximum contribution equals $16,500 per year. If you are 50 or older, you can con... Read More »

Is 401K Considered a Defined Contribution Plan?

The 401(k) is an employer-sponsored retirement plan that was established in 1980. Its name comes from the section of the Internal Revenue Service code under which it fell. These plans were designed... Read More »

Is a 401k considered a defined contribution plan?

A 401k retirement plan is a defined contribution plan. The contributions are defined, but the benefit payout is not. It is a qualified retirement plan, which means it meets federal guidelines. Cont... Read More »