An employer-sponsored retirement plan is a benefit that some companies offer to their employees to help them save for retirement. These plans are designed to provide employees with a way to save and invest for their future, often with contributions from both the employee and the employer. There are several types of employer-sponsored retirement plans, including 401(k) plans, 403(b) plans, and pension plans. 401(k) plans are the most common type of employer-sponsored retirement plan in the United States. They allow employees to contribute a portion of their pre-tax income to a retirement account, and many employers also match a percentage of the employee's contributions. 403(b) plans are similar to 401(k) plans but are typically offered by public schools and certain tax-exempt organizations. Pension plans, also known as defined benefit plans, provide employees with a specific benefit amount upon retirement, based on factors such as salary and years of service. These plans are funded by the employer and are less common than they used to be. Employer-sponsored retirement plans offer tax advantages, such as tax-deferred growth on contributions and potential employer matching contributions. They are an important tool for individuals to save for retirement and should be carefully considered when planning for the future.