At Wealth and Investment Services we help you understand all types of retirement plans that offer different benefits and are designed for different types of employers and employees. Standard Pension plans, also known as defined benefit plans, are employer-funded plans that provide a set income to employees upon retirement. SEPs, on the other hand, are a type of employer-sponsored retirement plan that allows employers to make contributions to individual retirement accounts (IRAs) set up for employees. Municipal 457 plans are similar to 401(k) plans and are sponsored by state and local government entities for their employees. These plans offer a way for employees to save for retirement on a tax-deferred basis.