Once you have learned what type of retirement plan your employer offers, you need to find out when you can participate in the plan and begin to earn benefits.

Summary Plan Description

Summary Plan Description is a document provided by the plan administrator that includes a plain language description of important features of the plan, e.g., when employees begin to participate in the plan, how service and benefits are calculated, when payment is received and in what form, and how to file a claim for benefits.

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Planning for life after work is more than just working out how much income you will have or the types of holidays you would like to take. Retirement planning is about giving yourself the best chance of creating a healthy and secure future to ensure your overall wellbeing and happiness.

Fewer than half of Americans have calculated how much they need to save for retirement. In 2010, 30 percent of private industry workers with access to a defined contribution plan (such as a 401(k) plan) did not participate.

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The first step to understanding your retirement benefits is to find out what kind of retirement plan your employer has. There are two major types of plans, defined benefit and defined contribution, which are described here and outlined in the table below. Keep in mind that your employer may have more than one type of plan, and may have different participation requirements for each.

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