What is a §401(a) Governmental plan?

If you work for a governmental agency, your employer may have adopted a §401(a) defined contribution plan for your benefit. As a plan participant, tax-deferred contributions may be made by your employer for your benefit, either on a matching basis with your contributions to the employer’s §403(b) and/or §457(b) plan(s), or on a non-elective basis.

How do §401(a) Governmental plans operate?

Your employer establishes the plan and selects which investment options will be available. Your employer then decides how much to contribute and how often the contributions will be made. Usually, you will be able to decide how your contributions will be allocated among the available investment options. The Legend Group establishes the plan in accordance with your employer’s instructions and directs your contributions to the appropriate investments. When you are eligible to begin withdrawing from your account, Legend distributes your funds as you advise.

Do you have a question? Are you looking for more information?

We have answers. Our Financial Professionals have the skills, knowledge and experience to guide you in crafting and implementing an effective plan designed to reflect your unique investment and retirement goals – or simply answer any questions you may have. Let one of our Financial Professionals walk you through the process every step of the way and review which options are best suited for you to help you feel more secure and worry a little less.