A Thrift plan is a savings plan which is mainly used for the retirement. This is basically a retirement account which gets credited by both contributions from the employee and the employer up to a certain extent. These are tax referred accounts and employees don’t have to pay any type of tax for the amount that they are saving as per their Thrift plan. It comes under the employee benefits provided by the organizations. This is because the employer also makes a contribution up to a limited amount in this savings scheme.
The thrift plan is governed by certain laws regarding the maximum amount of money that an employee can save annually. The main goal of the thrift plan is to help out the employees at their retirement time. They can take out the money that they have invested after retirement, so as to continue their future life.
[Also Read: Retirement Savings Plan]
Sample for Thrift Plan
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