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401(k) plan: This defined contribution plan allows employees to contribute a portion of their pre-tax salary to a retirement account. Employers often match a portion of the employee’s contributions.
A 401 (k) plan is a tax-advantaged retirement savings tool offered by employers that allows eligible employees to contribute a portion of their salary up to a set amount each year. Unlike ...
Only 34% of respondents said they will review their employer’s retirement plan contribution during open enrollment, while less than half (45%) intend to increase their contribution by 1% or more.
A plan must be administered according to the plan document. Benefits are required to commence at retirement age (usually age 65 if no longer working, or age 70 1/2 if still employed). Once earned, benefits may not be forfeited. A plan may not discriminate in favor of highly compensated employees. A plan must be insured by the PBGC.
Wikipedia
401 (k) In the United States, a 401 (k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401 (k) of the U.S. Internal Revenue Code. [1] Periodic employee contributions come directly out of their paychecks, and may be matched by the employer. This pre-tax option is what makes 401 ...
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