401-K PLAN
Dictionary entry overview: What does 401-k plan mean? • 401-K PLAN (noun)
The noun 401-K PLAN has 1 sense:
1. a 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from the employer; contributions are made from your salary before taxes and the funds grow tax-free until they are withdrawn at which point they can be converted into and IRA; funds can be transfered if you change employers and you can (to some extent) manage the investments yourself
Familiarity information: 401-K PLAN used as a noun is very rare.
Dictionary entry details
• 401-K PLAN (noun)
Meaning:
A 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from the employer; contributions are made from your salary before taxes and the funds grow tax-free until they are withdrawn at which point they can be converted into and IRA; funds can be transfered if you change employers and you can (to some extent) manage the investments yourself
Classified under:
Nouns denoting cognitive processes and contents
Synonyms:
401-k; 401-k plan
Hypernyms ("401-k plan" is a kind of...):
pension account; pension plan; retirement account; retirement plan; retirement program; retirement savings account; retirement savings plan (a plan for setting aside money to be spent after retirement)
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