What are the laws concerning retirement plans?

In Texas, any employer with more than 15 employees is required to provide retirement plans for their employees. There are several different types of retirement plans including 401(k), 403(b), and 457 plans. A 401(k) plan is an employer-sponsored retirement plan that allows employees to make contributions directly from their paycheck. Employers can also choose to make matching contributions, which can be beneficial for employees. A 403(b) plan is similar to a 401(k) plan, except that it is specifically available to employees of public schools, hospitals, or churches. Contributions to a 403(b) plan are made with pre-tax dollars, meaning that employees can reduce their taxable income in the current year. A 457 plan is another type of employer-sponsored retirement plan. It is available to state and local government employees and is similar to a 401(k) and 403(b) in that it allows employees to defer income and save for retirement. In Texas, employers must provide information to employees about the retirement plan, including how much they are eligible to contribute, how much their employer will match, and any other important information. Employers must also keep records of their contributions to the plan and provide all necessary forms to employees.

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What are the laws concerning retirement plans?

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