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What is the 401k retirement plan?
Benefits & Compensation
What is the 401k retirement plan?
Exchange ideas about health plans, retirement, work/life benefits, and employee assistance.
Almost, everyone have heard about 401k retirement plan in USA. But, it is better to understand, what exactly is 401k to get the maximum benefits of it. What is 401k ?   It is a types of retireme
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Forums  »  Topic Forums  »  Benefits & Compensation  »  What is the 401k retirement plan?

What is the 401k retirement plan?

posted at 11/27/2012 4:16 AM EST on Workforce Management
Posts: 8
First: 11/27/2012
Last: 12/13/2012

Almost, everyone have heard about 401k retirement plan in USA. But, it is better to understand, what exactly is 401k to get the maximum benefits of it.

What is 401k? 

It is a types of retirement saving plan available to employees who wish to save for their retirement provided their employer has a plan.It started in 1978, when US Congress papproved the Tax Reform Act, which included this retirement plan for employees. It is written under Section 401 Paragraph K of the Internal Revenue Code. So, it got its name 401k.

In 401k retirement plan, employees can defer their salary on pre tax or post tax basis to their 401k account. You can also get the more details about 401k rules and tax implications at

http://www.401kgps.com/tax-implications.aspx

 
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