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A 401 (k) plan is a tax-advantaged retirement savings tool offered by employers that allows eligible employees to contribute a portion of their salary up to a set amount each year.
This pre-tax option is what makes 401 (k) plans attractive to employees, and many employers offer this option to their (full-time) workers. 401 (k) payable is a general ledger account that contains the amount of 401 (k) plan pension payments that an employer has an obligation to remit to a pension plan administrator.
The amount of the pension depends on years of service and the average of the highest three years of salary. By law, the starting amount of a Member's retirement annuity may not exceed 80% of his or her final salary.
The question about which 401 (k) plan is better depends so much on your individual situation. A Roth 401 (k) works well in many cases, but the traditional 401 (k) is really good in others.
Act today to get your 401 (k) in order or to start investing. Bankrate’s 401 (k) calculator can help you see where your savings stand.
This is a comparison between 401 (k), Roth 401 (k), and Traditional Individual Retirement Account and Roth Individual Retirement Account accounts, four different types of retirement savings vehicles that are common in the United States .
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