A 401(k) is a type of retirement savings account, which takes its name from subsection 401(k) of the Internal Revenue Code (Title 26 of the United States Code).
A contributor can begin to withdraw funds after reaching the age of 59 1/2 years. 401(k)s were first widely adopted as retirement plans for American workers, beginning in the 1980s.
The 401(k) emerged as an alternative to the traditional retirement pension, which was paid by employers. Employer contributions with the 401(k) can vary.
Providing a retirement plan can definitely help your business attract and retain the best employees. In considering different retirement plan options, you may be asking yourself how to get started. In setting up a 401k plan you will need to meet legal requirements to ensure that you and your employees can take advantage of the ...