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Home Categories Retirement Savings Accounts The 401(a) plan is employer-sponsored and both employer and employee can contribute. 403(b)s are retirement savings plans that serve employees of public schools and tax-exempt organizations. Plan 457 is an IRS-sanctioned retirement plan for employees with tax benefits. After-tax contributions can be made to the Roth account. Deferred compensation plans are an incentive that employers use to keep key employees. ERISA is a federal law that sets standards for certain employer-sponsored retirement plans and rules for plan trustees. A highly paid employee is defined as an employee who owns more than 5% of the business at any time during the year or the previous year. The Home Buyers Plan (HBP) is a Canadian government incentive program designed to help first-time homebuyers using retirement savings. A Locked-In Retirement Account (LIRA) is a Canadian cumulative retirement account funded by money transferred from an employer-sponsored retirement plan by the beneficiary of the account. The Profit Sharing Plan gives employees a share of their company’s profits based on its quarterly or annual earnings.