401(k) Option refers to the Tier 2 Defined Contribution Plan. This is a retirement option for the Tier 2 Public Employees Contributory Retirement System and the Tier 2 Public Safety and Firefighter Contributory Retirement System.
With this option, your employer contributes a portion of your salary into a 401(k), which is a retirement savings plan. The money you get a retirement is based on employer contributions, investment performance, and how you withdraw your money. This calculator helps you estimate your benefit.
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