Retirement & Estate Planning

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Employer-sponsored retirement plan that allows an individual to deposit part of his or her earnings into a tax-deferred investment.

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401(k) Plan

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Retirement plan available to employees of nonprofit organizations.

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403(b) Plan

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Person or group who receives a deceased person’s assets.

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Beneficiary

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Type of defined-contribution retirement plan that does not have required minimum distribution rules and is available primarily to governmental employees.

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457 Plan

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Document that explains, changes, or deletes provisions in a will.

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Codicil

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Retirement plan that makes regular payments to a retiree until his or her death; also known as a pension plan.

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Defined-Benefit Plan

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Retirement plan in which an employee and/or employer contributes to the employee’s individual account under the defined plan.

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Defined-Contribution Plan

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Consists of the assets and liabilities a person leaves when he or she dies.

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Estate

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Personal account for setting money aside for retirement.

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Individual Retirement Account (IRA)

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Statement of instructions for specific medical treatment if a person becomes unable to make medical decisions related to deathbed concerns.

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Living Will