Thrift plan

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Thrift plan

A defined contribution plan in which an employee contributes, usually on a before-tax basis, toward the ultimate benefits that will be provided. The employer usually agrees to match all or a portion of the employee's contributions.

Thrift Plan

A retirement account in which a worker and an employer each make contributions up to a certain limit throughout the working life of the employee, usually on a before-tax basis. Under a thrift plan, a worker places a portion of his/her pre-tax income into an account and allows it to be invested. Taxation is deferred until withdrawal from the account, generally after retirement. It is important to note, however, that unlike some retirement plans, the employer makes a defined contribution to the account as well. Thrift plans are employee benefits, and workers must have a sponsoring employer to take advantage of one. See also: 401(k).
References in periodicals archive ?
Our sample includes savings and thrift plans, as these are the only types of plans for which BLS collects information on both the automatic enrollment provision and the match structure.
EMPLOYMENT RETIREMENT SAVINGS ACCOUNTS: These would consolidate all types of defined contribution plans that allow employee deferrals, including 401(k) plans, thrift plans, 403(b) plans, governmental 457 plans, SAR-SEPs and simple IRAs.
Thompson Thrift plans to move its offices into the third floor, while MMS Architects and Engineers will move to the second floor.
The thrift plans to merge with California Federal Bank in a $2.
With one phone call, our pharmacists can order just about anything customers need," he says, adding that Thrift plans to expand its home health care sections in a number of its outlets.
TS&W was founded in 1969 and provides investment management services to corporations, pension and profit-sharing plans, 401(k) and thrift plans, trusts, estates and other institutions and individuals.
Savings and thrift plans are defined contribution plans in which employee contributions generally make up a relatively large part of total contributions.
5) At the same time, virtually all savings and thrift plans are 401(k) plans.
Thrift plans to monitor the 600-square-foot department closely.
Savings and thrift plans are the most prevalent type of defined contribution plan.