For 401(K) Plan we have terms and definitions in 8 topics. The topics are Accounting, Accounting Terms, Employee Benefits, Financial, Homeowners Insurance, Insurance, Investment and Securities.

401(K) Plan (Accounting)

EMPLOYEE BENEFIT PLAN authorized by INTERNAL REVENUE CODE section 401(k), whereby an employer establishes an account for each participating employee and each participant elects to deposit a portion of his or her salary into the account. The amount deposited is not subject to income tax. This is the most common type of salary reduction plan.

401(K) Plan (Accounting Terms)

EMPLOYEE BENEFIT PLAN authorized by INTERNAL REVENUE CODE section 401(k), whereby an employer establishes an account for each participating employee and each participant elects to deposit a portion of his or her salary into the account. The amount deposited is not subject to income tax. This is the most common type of salary reduction plan.

401(K) Plan (Employee Benefits)

A subtype of profit sharing plan that permits participants to elect to defer a portion of their salaries on a pre-tax basis. An employer may encourage participants’ salary deferrals by offering to match the deferrals with an employer contribution. 401(k) plans are subject to special rules and restrictions beyond those applicable to regular profit sharing plans.

401(K) Plan (Financial)

Plan in which employees elect to contribute pretax dollars to a qualified, tax-deferred investment plan.

401(K) Plan (Homeowners Insurance)

This is an employer sponsored retirement savings plan. Employees can contribute pre-tax dollars, and sometimes an employer will add a matching contribution, up to a set limit.

401(K) Plan (Insurance)

An employer-sponsored retirement savings plan funded by employee contributions, which may or may not be matched by the employer. Federal laws allow employees to invest pre-tax dollars, up to a stated maximum each year.

401(K) Plan (Investment)

An employer-sponsored retirement plan that enables employees to defer taxes on a portion of their salaries by earmarking that portion for the retirement plan. 401(k) plans are regulated by the Employee Retirement Income Security Act of 1974 (ERISA) and provisions of the Internal Revenue Code (IRC).

401(K) Plan (Securities)

A qualified corporate retirement plan in which the employee can take part of his or her compensation in the form of contributions to the plan.

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