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A 401(k) offers a healthy list of perks that make it, in many cases, a no-brainer investment tool for those whose employer offers it as a benefit. For example: For example: There are tax benefits.
Unlike traditional pension plans, in which the employer promises a specified monthly benefit at retirement, 401(k) plans are funded by contributions deducted directly from the employee’s paycheck.
Offering 401(k)s is not mandatory, so not all employers do so; this means some workers simply cannot benefit from the tax breaks. [58] Benefits consultant Ted Benna, who first realized the favorable treatment this section of the tax code afforded defined-contribution plans, has proposed mandating that employers over a certain size offer 401(k)s ...
An employee's 401(k) plan is a retirement savings plan. The option of an employer matching program varies from company to company. It is not mandatory for a company to offer a contribution to their 401(k) plans.
A traditional pension plan that defines a benefit for an employee upon that employee's retirement is a defined benefit plan. In the U.S., corporate defined benefit plans, along with many other types of defined benefit plans, are governed by the Employee Retirement Income Security Act of 1974 (ERISA). [12]
Changes to federal law governing retirement savings plans allow employers to make matching contributions to employees' 401(k) accounts using after-tax dollars as with a Roth 401(k). Employees get ...
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