FYI
In the
United States, a
401(k) plan is the tax-qualified,
defined-contribution pension account defined in subsection 401(k) of the
Internal Revenue Code.
[1] Under the plan, retirement savings contributions are provided (and sometimes proportionately matched) by an employer, deducted from the employee's paycheck before taxation (therefore
tax-deferred until withdrawn after retirement or as otherwise permitted by applicable law), and limited to a maximum pre-tax annual contribution of $18,000 (as of 2015)