What is a defined contribution retirement plan?

Answer 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 »

Top Q&A For: What is a defined contribution retirement plan

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 »

Can I withdraw funds from my employee defined contribution plan to pay an IRS debt?

Defined contribution plans can be a source of penalty-free hardship withdrawals when there is demonstrated need, such as IRS debt. However, not all plans provide for hardship withdrawals. The plan ... Read More »

Does contributing to a roth ira cd qualify as a contribution to the retirement contribution credit?

A contribution to a Roth IRA, no matter how you choose to invest the money once it is in the account, counts for the Retirement Savings Contribution Credit. Possible investments in Roth IRAs includ... Read More »