A PLESA is a short-term savings account that employers may optionally add to their 401k or 403b plans. Eligible employees — those earning below the highly compensated employee threshold — can contribute up to $2,500 per year in after-tax (Roth) dollars and withdraw funds for any reason without a penalty. Contributions count toward your overall 401k deferral limit, and the first four withdrawals each year are not subject to fees solely for making the withdrawal.
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