Episode 149: The 401(a): A Lesser Known Employer Sponsored Retirement Account

401(a) plans were established with the original tax code in 1954 and have actually been around longer than 401(k) or 403(b) plans.  401(a) plans are generally offered by government agencies, educational institutions and non-profit organizations. Employers can form multiple 401a plans that each have their own distinct eligibility criteria, contribution amounts, and vesting schedules. 401a plans can have mandatory or voluntary contributions. For those plans that require employees to participate, employers must also contribute to the plan for the benefit of the employee. An employer may offer both a 401(a) plan and 403(b) plan which each have separate contribution limits.  Tune into this episode to learn more about 401(a) plans and how they differ from 403(b) and 401(k) plans.

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Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. P...