Episode 149: The 401(a): A Lesser Known Employer Sponsored Retirement Account

Send us Fan Mail401(a) plans were established with the original tax code in 1954 and have actually been around longer than 401(k) or 403(b) plans.  401(a) plans are generally offered by government agencies, educational institutions and non-profit organizations. Employers can form multiple 401a plans that each have their own distinct eligibility criteria, contribution amounts, and vesting schedules. 401a plans can have mandatory or voluntary contributions. For those plans that require employees to participate, employers must also contribute to the plan for the benefit of the employee. An employer may offer both a 401(a) plan and 403(b) plan which each have separate contribution limits.  Tune into this episode to learn more about 401(a) plans and how they differ from 403(b) and 401(k) plans.Please subscribe and leave a review on your favorite Podcasting platform. Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakesIf you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbookDr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .You can learn more about Elisa at her website or follow her on social media.Website: https://ww.GrowYourWealthyMindset.comInstagram https://www.instagram.com/GrowYourWealthyMindsetFacebook https://www.facebook.com/ElisaChianghttps://www.facebook.com/GrowYourWealthyMindsetYouTube: https://www.youtube.com/c/WealthyMindsetMDLinked In: www.linkedin.com/in/ElisaChiang Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...