Meaning of the word "401(k) plan" in English
What does "401(k) plan" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.
401(k) plan
US /ˌfɔːr əʊ wʌn ˈkeɪ plæn/
UK /ˌfɔːr əʊ wʌn ˈkeɪ plæn/
Noun
1.
a retirement savings plan in the US that allows employees to invest a portion of their salary before taxes are taken out, with the employer often matching a portion of the contributions
Example:
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I need to increase my contributions to my 401(k) plan.
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Many companies offer a matching contribution to their employees' 401(k) plans.
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