English noun: 401-k | |||
1. | 401-k (cognition) a retirement savings plan that is funded by employee contributions and (often) matching contributions from the employer; contributions are made from your salary before taxes and the funds grow tax-free until they are withdrawn, at which point they can be converted into an IRA; funds can be transferred if you change employers and you can (to some extent) manage the investments yourself | ||
Synonyms | 401-k plan | ||
Broader (hypernym) | pension account, pension plan, retirement account, retirement plan, retirement program, retirement savings account, retirement savings plan | ||