During my last NASA job, I technically was employed by the UC system. Let me tell you, state employees get retirement plan options out the wazzoo!
First, there's the 403(b). It's basically a 401(k) for non-profit entities, same contribution limits and similar distribution options and investment types.
You also get a 457 plan, which is a lot like a 401(k) but a bit better. Same contribution limits, but you can take distribution at any time without extra penalty. You just have to pay taxes at your current rate when you withdraw them.
There's the "defined benefit plan", which is basically a traditional pension. Sadly, I did not work for them long enough to vest this.
Finally, there's the "defined contribution plan", which is where the state says "thou shalt contribute X percent" and it goes into another retirement account. I'm much more fuzzy on the details of this one.
But with double the contribution limits, plus a real live pension, you could really sock money away tax-deferred!! I really tried to see if I could survive on my take-home after maxing out both voluntary contributions, but that really did not leave enough so I was unable to do so.
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First, there's the 403(b). It's basically a 401(k) for non-profit entities, same contribution limits and similar distribution options and investment types.
You also get a 457 plan, which is a lot like a 401(k) but a bit better. Same contribution limits, but you can take distribution at any time without extra penalty. You just have to pay taxes at your current rate when you withdraw them.
There's the "defined benefit plan", which is basically a traditional pension. Sadly, I did not work for them long enough to vest this.
Finally, there's the "defined contribution plan", which is where the state says "thou shalt contribute X percent" and it goes into another retirement account. I'm much more fuzzy on the details of this one.
But with double the contribution limits, plus a real live pension, you could really sock money away tax-deferred!! I really tried to see if I could survive on my take-home after maxing out both voluntary contributions, but that really did not leave enough so I was unable to do so.