What is a 401k Plan?
When the current incarnation of the Internal Revenue Code was written, section 401k was included. Section 401k, for which the retirement plan is named, provides for employer-sponsored programs in qualifying companies. The program allows employees to set aside funds that have been tax-deferred every time they receive a paycheck. More than anything else, this plan gives enormous flexibility to employees: depending upon the rules set up by the administrator of the plan (the employer), one could change how much money is contributed to the plan regularly. The choice of investment also falls to the employee, who can choose from many different ways to encourage growth in a 401k such as mutual funds and stocks. There is also no set limit on an employee in terms of how much he will receive upon retirement, which is unlike a regular pension plan.
How can I find out more?
- You can start by visiting our online Learning Center to review the basics of how a 401k rollover works and what it can do for you.
- Use our Contact an Agent form to request a rollover for your 401k plan.
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