401(k) retirement account

Vanda

Moderesa de Beagá
Português/ Brasil
Hello all!

What is the meaning of this k in this sentence:
The husband has a 401(k) retirement account amounting to $610,000 and the wife has two small pension funds amounting to $72,000.
 
  • panjandrum

    Lapsed Moderator
    English-Ireland (top end)
    The 401(k) plan is a type of employer-sponsored defined contributionretirement plan under section 401(k) of the Internal Revenue Code (26 U.S.C.§ 401(k)) in the United States, and some other countries.

    SShhh whisper - it's all in wiki HERE.
     
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