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Definition of '401-k plan'

Noun

  1. a retirement savings plan that is funded by employee contributions and (often) matching contributions from the employer; contributions are made from your salary before taxes and the funds grow tax-free until they are withdrawn at which point they can be converted into and IRA; funds can be transfered if you change employers and you can (to some extent) manage the investments yourself
       Synonyms: 401-k


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