401-k meaning

fôrō-wŭn-kā
Frequency:
A retirement investment plan that allows an employee to put a percentage of earned wages into a tax-deferred investment account selected by the employer.
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A type of retirement plan in which each eligible employee is allowed to put a percentage of wages or salary into a tax-deferred account that typically offers a variety of savings and investment options.
noun
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Such an account.
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