Defined Contribution Plan
What is the Lay Defined Contribution Plan?
- A 401(a) and 403(b) retirement plan for lay employees.
- Employers make a base contribution, and match employee contributions as well.
- Employees choose how much to contribute and how to allocate their funds.
- Benefits depend on the value of an individual's account balance at the time of retirement.
- Investment options include:
- A money market mutual fund
- Stock funds
- Bond funds
- A stable value investment option
- Target retirement date funds
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