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Definition of the noun 401-k plan
What does 401-k plan mean as a name of something?
- 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from the employer; contributions are made from your salary before taxes and the funds grow tax-free until they are withdrawn, at which point they can be converted into an IRA; funds can be transferred if you change employers and you can (to some extent) manage the investments yourself
- lexical domain: Cognitive Processes - nouns denoting cognitive processes and contents
- synonym of 401-k plan: 401-k
- more generic terms: pension account / pension plan / retirement account / retirement plan / retirement program / retirement savings account / retirement savings plan = a plan for setting aside money to be spent after retirement
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