Is A 401K A Retirement Plan?

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    David RacichPRO
    Fountain Hills, Arizona
    A 401(k) is a qualified defined contribution plan under ERISA, The Employment Retirement Income Act of 1974. It allows for contributions pretax and some employers offer contribution matches. The accounts accumulates tax deferred and are taxed as ordinary income at distributions. Those distributions are included in the provisional income test for Social Security taxation.
    Answered on July 21, 2013
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