Lisa Smith needs to be at least 21 years of age and should have worked for at least one year with the company to participate in a retirement plan.
What are retirement plans?
Retirement plans ensure that the money they put into their plans while they were employed will still be there when they retire.
Retirement plans establish minimum requirements for retirement programs in the private sector. For instance, if your employer administers a retirement plan it must specify when you must be permitted to enroll, how long you must work before you have a non-forfeitable interest in your benefit, how long you can be absent from work without it potentially affecting your benefit, and whether your spouse is entitled to a portion of your benefit in the event of your demise.
Examples of popular retirement plans are:
- Individual Retirement Arrangements(IRA)
- 401(k)
- Roth IRA
- SEP IRA
Lisa Smith needs to be at least 21 years of age and should have worked for at least one year with the company to participate in a retirement plan.
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