Compensation Glossary

# A B C D E F G H I J K L M N O P Q R S T U V W - Z

401(k)

A defined contribution retirement plan that lets employees invest a portion of their paycheck before taxes are taken out. The contributions go into a 401(k) account where the savings grow tax free until retirement, at which point the withdrawals are taxed as income. In some plans, the employer also makes contributions such as matching the employee’s contributions up to a certain percentage.
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