Money Purchase Plans are employer-sponsored retirement plans that help employees save for retirement. They include defined contribution plans like 401(k), 403(b), and 457 plans, as well as Individual Retirement Accounts (IRAs) such as Traditional, Roth, SEP, and SIMPLE IRAs. These plans differ from defined benefit plans, which promise a specific retirement benefit based on factors like salary and years of service. Money Purchase Plans typically offer more flexibility and control over investments.