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What does 401(k) plan mean?

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401(k) plan
Noun
IRS

A tax-qualified, defined-contribution pension account defined in subsection 401(k) of the Internal Revenue Code, under which retirement savings contributions are provided − sometimes proportionately matched − by an employer, deducted from the employee's paycheck before taxation, and tax-deferred until withdrawn after retirement or as otherwise permitted by applicable law.

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