Is a 401k considered a retirement plan? or just pensions?

[gmott18]

this pertains to the limits on Traditional IRA contributions.  there are different limits based on being part of a retirement plan so i need to know if a 401k is considered a retirement plan.

[Howard1948 · Accepted solution]

Yes.

[Colegirl]

on  a pension plan is there a RMD

[MaryK4]

Yes, there is an RMD on a pension plan.  However,  your required minimum distribution is the minimum amount you must withdraw from your account each year- with a defined benefit plan, you do not control the amount you can withdraw and there is not a set amount for your balance.  

The RMD rules apply to all employer sponsored retirement plans, including

profit-sharing plans, 401(k) plans, 403(b) plans, and 457(b) plans. The RMD rules also apply to traditional IRAs and IRA-based plans such as SEPs, SARSEPs, and SIMPLE IRAs.

@Colegirl