Optional Retirement Plan
The Optional Retirement Program (ORP) is available as an alternative to a State Pension System for certain employees of institutions of higher education. Eligibility, contribution and matching rates can vary from state to state.
403(b)
A retirement savings plan for public education organizations, 501(c)(3) non-profits, cooperative hospital service organizations and self-employed ministers. Plans and contribution limits can very, based on plan and employee details.
401(k)
A traditional employer contribution pension account in which retirement savings contributions are matched by an employer and deducted from an employee’s paycheck before taxation. The contributions are limited by a pre-tax annual contribution of $17,500 as of 2014.