401k Vs Pension Case Study

1 There is big difference between 401k and pension. First 401k is contribution money that automatically deducted from employee’s paycheck each pay period, and it is money taken out before employee’s paycheck is taxed. Pension is benefit plan that old people get from social security such as monthly income in retirement. This defines benefit plans which disability or retire people have when they became eligible these benefits but 401k plan is contributing additional money to an employee account. Also, it goes whenever the employee makes his own contributions.
2 A fiduciary is person who manages money or property for someone else. If you named fiduciary, you take big responsibility and you are required by law to do the person’s property for his/her