W4_Individual_Retirement_Plan_Selection_Paper.doc Retirement Plan Selection HRM/324 Retirement Plan Selection Employees may choose more than one retirement program if they wish to; most employers offer this option. E
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W4_Individual_Retirement_Plan_Selection_Paper.doc Retirement Plan Selection HRM/324 Retirement Plan Selection Employees may choose more than one retirement program if they wish to; most employers offer this option. Employees must understand the different types of retirement programs and the advantages and disadvantages of each. In addition to the various retirement options offered to employees, it is also important to compare the retirement options offered to them. The various retirement options offered to employees are the 403(b) plans, 401(k) plans, pension plans, annuities plans, IRA plans, and estate planning plans. Employees comparing the various retirement plans, determining which retirement option is best for them, and assessing the factors that they should consider when selecting a retirement plan, will help them make the best decisions. The Various Retirement Options There are various retirement plans employees can choose from. Section 403(b) plans are a type of defined-contribution plan that applies to employees that work for public educational institutions. Section 401(k) plans are only eligible for private-sector employees and enable both the employee and employer to delay part of the employees' compensation to an employee's account (Martocchio, 2017). Pension plans provide income to employees and their beneficiaries throughout their retirement (Martocchio, 2017). Annuities plans are a series of payments for the life of the employee as well as their beneficiaries. Individual Retirement Accounts also known . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. .. . . . . . . . . . . . . . . . . . .. . . . .
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