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I don't mean to be snide...but it depends on whose asking! Honestly, different places define things differently. In some general speak it is a pension plan...but in many others, it is a retirement plan as differentiated from a pension plan.
A 401(k) retirement plan is a defined contribution pension account for employees. Employers can make contributions to the plan by deducting it from the employee's paycheck pre-taxation which provides the employee with pension plan with tax benefits.
Pension plan for employees
You can cash in your 401K plan upon retirement or after a penalty before your retirement age.
You can talk about your 401k retirement plan to people that know about retirement or companies that deal with retirement. Basically it is best to talk to people that deal with retirement.
401k
A 401k plan is a retirement plan. Unlike a savings account you can withdraw money instantly but for a retirement plan you cannot touch that money till you reach the recommended retirement age.
A good tax consequence of a 401k retirement plan is that you can literally save money as the funds that are ususally tax-free. If you withdraw from your 401k plan, there is usually a large penalty.
A 401k Plan generally is offered to employees by their employer. If you are self-employed, you may start a 401k or other retirement plan.
A compensation plan is a form of deferred compensation, which is income paid to an employee at a specified date after it was earned. Examples include pension plans, 401k retirement accounts, and stock options.
wells fargo
Fidelity Net Benefits is a 401k retirement plan company that also offers workplace savings tips and financial advice in order to get the most out of your retirement savings plan.