Changes in the HUD Definition of âHomelessâ Publications | January 18, 2012 HUD has issued the final regulation to implement changes to the definition of homelessness contained in the Homeless Emergency Assistance and Rapid Transition to Housing Act.
The biggest difference between a 401(k) plan and a traditional pension plan is the distinction between a defined benefit plan and a defined contribution plan. Defined benefit plans, such as pensions, guarantee a given amount of monthly income in retirement and place the investment risk on the plan provider. Defined contribution plans, such as 401(k)s, allow individual employees to choose their own retirement investments with no guaranteed minimum or maximum benefits.
Similarities Between 401(k) and 457 Plans. As defined contribution plans, both 401(k) and 457 plans are funded when employees contribute through payroll deductions; participants of each plan set aside a percentage of their salary to put into their retirement account.hey are one of the least common forms of defined contribution retirement plans. Differences Between 401(k) and 457 Plans. 401(k) plans are considered qualified retirement plans and are therefore subject to the Employee Retirement Income Security Act of 1974 (ERISA).