By G. Michael Perry, Howard L. Sorkin
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Extra info for Cliffs notes planning your retirement
The biggest advantage of a profit sharing plan is that you participate in the growth and profitability of your company. If the company performs well, so do you. The downside is that if the company takes a tumble, so do you. If your company has a profit sharing plan, ask the benefits administrator about the company’s contribution to the plan over the past 10 or 20 years. This information gives you a benchmark as to what to expect from the company’s contributions. ■ Employee stock ownership plans (ESOP): Under an ESOP arrangement, a company makes shares of company stock available for your retirement account or for your purchase as a plan option.
The remainder of this section deals with these issues. Getting investment education The government requires employers to provide education to you regarding your retirement plan investment choices. This education is critical because you take charge of your own retirements in a 401(k) plan. You must be an active and wellinformed participant in order to create a good retirement program. Many 401(k) plan administrators now provide self-study courses, which you can use at home or over the Internet. Letting your money sit in money market funds or mutual funds and assuming that everything will take care of itself isn’t enough — everything won’t take care of itself!
In most defined contribution plans, the amount that the employer contributes is discretionary and can vary depending on corporate performance or profitability. Determining contributions and benefits All qualified defined contribution plans allow contributions of up to the ERISA limit of 25 percent of annual compensation for each covered employee (up to $30,000). Many types of defined contribution plans also allow employees to defer some compensation to their own accounts. In almost all defined contribution plans, vesting tends to occur faster than in defined benefit plans.
Cliffs notes planning your retirement by G. Michael Perry, Howard L. Sorkin