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Basic 401k Info

What Is a 401k? What is a 401k Plan? 401k Fund Eligibility 401k Investment Opportunities 401k Advantages Frequently Asked 401k Questions Individual Retirement Accounts (IRA's) IRA Eligibility Types of IRAs Traditional vs Roth IRAs

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.

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