An Employer-Sponsored Retirement Plan is a type of savings plan set up by a company to help its employees prepare for retirement. The employer offers the plan as a benefit, and employees can usually contribute a portion of their paycheck directly into the plan. In many cases, the employer may also add money to the account, either by matching part of the employee’s contributions or making their own contributions. These plans often come with tax advantages and may include features like investment choices, automatic payroll deductions, and rules around when and how you can take the money out. Common examples include 401k plans, 403(b) plans, and pension plans. The goal is to make it easier for employees to save consistently and build long-term financial security.