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 ?
Yet, when the new option first came into effect, “many employers replaced older, after-tax thrift plans with 401(k)s and added 401(k) options to profit-sharing and stock bonus plans,” EBRI wrote.
Go Redcar!" Now the Festival of Thrift plans to recreate a redux version of Atonement and is hoping local people will get involved to help.
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.
"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.
"Younger workers react favorably to defined contribution accounts because account balances showing current cash value appear more meaningful than the promise of a monthly benefit for an unknown amount at retirement." Several options may be available to you in making contributions to the plan, including savings and thrift plans, profit-sharing plans, 401 (k) plans, and employee stock ownership.
Now the Festival of Thrift plans to re-create a redux version of Atonement and is hoping local people will get involved to help.
Savings and thrift plans are defined contribution plans in which employee contributions generally make up a relatively large part of total contributions.
Overall, there is quite a bit of diversity, among the generosity provisions of 401(k) plans, even when only savings and thrift plans are considered, as is done here.
Thrift plans to monitor the 600-square-foot department closely.