Glossary Terms

A 401(k) is a type of retirement savings plan in the United States that allows employees to contribute a portion of their pre-tax earnings to a tax-advantaged investment account. The name “401(k)” is derived from the section of the Internal Revenue Code that governs this type of plan. In a traditional 401(k), the contributions made …

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A 457 pension plan, commonly known as a 457(b) plan, is a type of tax-advantaged retirement savings plan in the United States. It is typically offered to employees of state and local governments, as well as certain non-profit organizations. The name “457” refers to the section of the Internal Revenue Code that governs this type …

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