MLchartDataset catalogue

401(k)

Term · Law · MLC-T-LAW-000247

A type of employer-sponsored retirement savings plan that allows employees to contribute a portion of their pre-tax salary, which grows tax-deferred until withdrawal in retirement. Many employers offer matching contributions, further boosting savings. Contributions and withdrawals are governed by the Internal Revenue Code, with penalties for early withdrawals before age 59 1/2.

Table 1. Record
IdentifierMLC-T-LAW-000247
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-000247",
  "term": "401(k)",
  "field": "Law",
  "definition": "A type of employer-sponsored retirement savings plan that allows employees to contribute a portion of their pre-tax salary, which grows tax-deferred until withdrawal in retirement. Many employers offer matching contributions, further boosting savings. Contributions and withdrawals are governed by the Internal Revenue Code, with penalties for early withdrawals before age 59 1/2.",
  "url": "https://mlchart.com/terminology/law/401-k/"
}

Record 6 of 5,441 in Law terminology (MLC-0107). Request the full dataset.