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Federal Employees Retirement System. The Federal Employees' Retirement System ( FERS) is the retirement system for employees within the United States civil service. FERS [1] became effective January 1, 1987, to replace the Civil Service Retirement System (CSRS) and to conform federal retirement plans in line with those in the private sector. [2]
A 401(k) is a retirement savings account that offers several tax advantages that you can receive as part of your employee benefits program. Read to learn more. What Is a 401(k) Plan?
457 plan. The 457 plan is a type of nonqualified, [1] [2] tax advantaged deferred-compensation retirement plan that is available for governmental and certain nongovernmental employers in the United States. The employer provides the plan and the employee defers compensation into it on a pre tax or after-tax (Roth) basis.
This is why having a 401(k) plan, if eligible by your employer, is so important. But consumer beware: there is quite a lot of fine print attached to even the most generous 401(k) plan.
401(k) 403(b) - Similar to the 401(k), but for educational, religious, public healthcare, or non-profit workers; 401(a) and 457 plans - For employees of state and local governments and certain tax-exempt entities; Roth IRA - Similar to the IRA, but funded with after-tax dollars, with distributions being tax-free
A 401(k) is a retirement savings account that offers several tax advantages that you can receive as part of your employee benefits program. Read to learn more. What Is a 401(k) Plan?
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