§401(a) Governmental Accounts
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 the investment options.
- Your employer 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.