401(k)

A 401(k) plan is a qualified employer-sponsored retirement plan to which eligible employees may make salary-deferral contributions on a post-tax and/or pretax basis. Employers offering a 401(k) plan may make matching or non-elective contributions to the plan on behalf of eligible employees and may also add a profit-sharing feature to the plan. Earnings in a 401(k) plan accrue on a tax-deferred basis.