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401(k)

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noun \ˌfȯr-(ˌ)ō-(ˌ)wən-ˈkā\

Simple Definition of 401(k)

  • : a method by which the workers in a company can save money for their retirement by having an amount of money saved from their paychecks over a long period of time

Full Definition of 401(k)

  1. :  a retirement account to which employee and employer contribute, on which taxes are deferred until withdrawal, and for which the employee usually selects the types of investments

Origin of 401(k)

from the section of the Internal Revenue Code that established it


First Known Use: 1989


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