You may know that you participate in a DC retirement plan. But what exactly does that mean? (Hint: It doesn’t mean that your plan is sponsored by the District of Columbia.) “DC” actually stands for “defined contribution” plan. Defined contribution plans are a type of company retirement plan and are distinguished from DB (“defined benefit”) plans/ Types of DC plans. The most popular types of DC plans are 401(k) plans, 403(b) plans and 457(b) plans. Each of these types allows employees to make salary deferrals and may also allow employer contributions. 401(k) plans are for employees of private sector companies. Thrift savings plans (TSPs) are similar to 401(k) plans and are for employees of the federal government and for the military. 403(b) plans (also known as tax-sheltered annuity or TSA plans) are for employees of public schools, Read More