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Tenders are invited for provision of retirement plan consulting services on the county~s 401(a) money purchase plans and 457 defined contribution plans.
They had suffered from the move away from final salary pension schemes to less generous money purchase plans and when they come to claim the state pension it will make up a smaller proportion of their previous earnings.
A 401(k) plan can provide annuity distribution options to participants in the same manner that money purchase plans typically provide them.
A cash balance plan works somewhat like a money purchase pension plan discussed in Chapter 16, but money purchase plans do not involve employer guarantees of the rate of return.
The National Association of Pension Funds said default funds - also known as money purchase plans - should shift members' money away from shares to safer investments as they approach retirement.
Munnell critically evaluates the implications of shifting from DB to 401(k) plans, as well the shift to money purchase plans in the United Kingdom.
A money purchase plan is one in which the employer promises to contribute a certain percentage of each participant's annual compensation to the plan each year (see "MONEY PURCHASE PLANS," below).
The proposed regulations apply mainly to defined benefit pension plans and money purchase plans, not to 401(k) plans and other types of retirement plans, the IRS officials emphasize.
As a result, 401(k) plans have become more attractive options than SEP-IRAs, Simple IRAs or profit-sharing or money purchase plans.
First, percentage contribution limits for profit sharing plans have increased from 15 percent of compensation to 26 percent of compensation, making money purchase plans potentially obsolete.
People with private pensions or company money purchase plans must use their pension pot to buy an annuity, which guarantees them an income for life, before they are 75.
They are being replaced by money purchase plans which rely on stocks and shares rising in price.