401k 2002 Contribution Limit - 401k Contribution Limit 2004

401k 2002 Contribution Limit

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What You Need to Know
If you're like most people, you have questions about your 401k 2002 contribution limit. You might be wondering how a 401k 2002 contribution limit works, exactly what a 401k 2002 contribution limit is, or how you can revive the dwindling balance in your 401k 2002 contribution limit.

What is a 401k plan?
A 401k plan is an employer sponsored retirement plan and is grouped into two categories-defined benefit and defined contribution. With a defined benefit plan, the employer promises to pay a defined amount to retirees who meet certain eligibility criteria. With a defined contribution plan, the plan defines the contributions that an employer can make and not the benefit that the employee will receive at retirement.

A defined benefit plan usually links the benefit to the amount of service and is based on the final average salary. Employees can usually predict the monthly retirement income they might receive with this type of plan and might also be given the choice of a lump-sum benefit at retirement.

A defined contribution plan is not a defined benefit so the employee cannot predict a monthly retirement income. If an employee leaves the company, they usually receive the proceeds in a current or deferred lump sum or annuity.

401k 2002 Contribution Limit are very popular and an excellent way to plan for your retirement. As with any other investment, you do need to carefully watch your portfolio and make wise investment choices.



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