Is A Pension Plan A 401K?

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   David RacichPRO

   Fountain Hills, Arizona

   A traditional pension plan of the past was generally a defined benefit plan that distributed a fixed payment until the death of the pensioner. A 401(k) is a defined contribution plan under ERISA, the Employee Retirement Income Security Act of 1974, with distributions based on the performance of the portfolio. In 2013tThe 401(k) plan contributions can be as high as $17,500.
    

   Answered on July 24, 2013

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