December 15, 2019  
 
  Articles for Entrepreneurs  
 

401(K) Plan

 

 
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Definition of 401(K) Plan

A 401(K) Plan is a qualified retirement plan that allows employees to make pre-tax contributions. These plans are governed by Section 401(k) of the Internal Revenue Code.
(Definition continues below)

Employee contributions reduce their salary but the money is available to the employee when they retire and, subject to some restrictions, there is no tax on any interest earned.

In many cases, the employer will match employee contributions up to a specified level. Offering a 401(K) plan is a valued employee benefit that helps small business owners recruit and retain talented employees.

401(K) Plan References On This Site

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