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.
In this capacity, he previously served as the trustee to their pension and thrift plans.
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.
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.
ClearFuture is currently being made available to participants in defined contribution plans, such as 401(K), 457(b) and thrift plans, and to investors with Individual Retirement Accounts (IRAs).
5) At the same time, virtually all savings and thrift plans are 401(k) plans.
Those programs included qualified pension and thrift plans, health and welfare benefits, labor relations, employee communications, compensation, payroll and human resources information systems.
The California Department of Personnel Administration manages the program's 17 funds, which incorporate both 457 deferred compensation and 401(k) thrift plans.