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401k Plans for Employees

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.

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