401(k) plan

noun
\ ˈfōr-ˌō-ˌwən-ˈkā-\

Legal Definition of 401(k) plan

: a retirement savings plan under which an employee may elect to have pretax contributions from his or her wages or salary deferred to a trust for investment

History and Etymology for 401(k) plan

after the section of the Internal Revenue Code that established it

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