HyperDic: 401-k_plan

English > 1 sense of the expression 401-k plan:
NOUNcognition401-k plan, 401-ka retirement savings plan that is funded by employee contributions and (often) matching contributions from the employer
English > 401-k plan: 1 sense > noun 1, cognition
MeaningA 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from the employer; contributions are made from your salary before taxes and the funds grow tax-free until they are withdrawn, at which point they can be converted into an IRA; funds can be transferred if you change employers and you can (to some extent) manage the investments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.
Synonym401-k
Broaderpension plan, pension account, retirement plan, retirement savings plan, retirement savings account, retirement account, retirement programA plan for setting aside money to be spent after retirement

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