Is an alternate retirement program the same as a 401k?

An alternate retirement program (ARP) is not necessarily the same as a 401(k), though both are retirement savings plans. ARPs are often offered by specific employers, particularly in the public sector, and may have different rules and investment options compared to 401(k) plans, which are primarily used in the private sector. While both allow employees to save for retirement with tax advantages, the specific features, contribution limits, and employer matching options can vary significantly between the two.