Question: Briefly, compare and contrast the following retirement vehicles:
1) Defined Benefit Plans Versus Defined Contribution Plans,
2) Traditional IRA plans versus Roth IRA plans and
3) 401(K) plans versus 403(b) plans.
In your analysis, please discuss
1) by whom the plans are funded (e.g., solely by the taxpayer, by an employer, some combination of both etc.),
2) whether the contributions to the plan are tax-deductible by the taxpayer or employer, and
3) the maximum contribution limits to the plan (use the 2015 limits), and
4) when distributions can be taken from the plan without penalty to the taxpayer.