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Financial terms in "Personnel Management"

1. Plan participant

2. CARDs

3. secondment

4. supplementary benefit

5. administrator

6. stock incentive plan

7. cost-of-living index

8. cost-of-living increase

9. CV

10. Contract Of Employment

11. management trainee

12. perk

13. Federal Insurance Contributions Act

14. Parkinson's Law

15. Positive Discrimination

16. remuneration

17. redundancy payment

18. vesting

19. employment contract

20. Perquisites

21. orientation

22. Employment Law

23. compensation package

24. Human capital

25. Merit Rating

26. Cooling-Off Period

27. Induction

28. Working Time Directive

29. Expenses

30. Salary reduction plan

31. Middle Management

32. seasonal unemployment

33. Manager

34. flexible benefit plan

35. Employee

36. Conciliation

37. ergonomics

38. benefit

39. fringe benefits

40. competence

41. moonlighting

42. Leadership

43. layoff

44. discrimination

45. risk manager

46. FICA

47. labor

48. dismissal

49. salary review

50. Cafeteria Plan

51. incremental scale

52. Employment Equity

53. Notice Period

54. Green Card

55. Severance

56. bought ledger clerk

57. Retirement

58. full employment

59. facilitation

60. Retire

61. Industrial Tribunal

62. Leader

63. management training

64. service contract

65. Turnover

66. Self-Employed

67. income distribution

68. Flexible spending account

69. benefit in kind

70. Core competence

71. retention

72. restraint of trade

73. Psychological Contract

74. Per Diem

75. Redundancy

76. Arbitration

77. Pink Slip

78. management

79. Employer

80. Portfolio Career

Featured term of the day

Definition / Meaning of

401(k)

Categories: Finance,

You participate in a 401(k) retirement savings plan by deferring part of your salary into an account set up in your name. Any earnings in the account are federal income tax deferred. If you change jobs, 401(k) plans are portable, which means that you can move your accumulated assets to a new employer's plan, if the plan allows transfers, or to a rollover ira.With a traditional 401(k), you defer pretax income, which reduces the income tax you owe in the year you made the contribution. You pay tax on all withdrawals at your regular rate. With the newer Roth 401(k), which is offered in some but not all plans, you contribute after-tax income. Earnings accumulate tax deferred, but your withdrawals are completely tax free if your account has been open at least five years and you're at least 59 1/2.In either type of 401(k), you can defer up to the federal cap, plus an annual catch-up contribution if you're 50 or older. However, you may be able to contribute less than the cap if you're a highly compensated employee or if your employer limits contributions to a percentage of your salary. Your employer may match some or all of your contributions, based on the terms of the plan you participate in, but matching isn't required.With a 401(k), you are responsible for making your own investment decisions by choosing from among investment alternatives offered by the plan. Those alternatives typically include separate accounts, mutual funds, annuities, fixed-income investments, and sometimes company stock.You may owe an additional 10% federal tax penalty if you withdraw from a 401(k) before you reach 59 1/2. You must begin to take minimum required distributions by April 1 of the year following the year you turn 70 1/2 unless you're still working. But if you prefer, you can roll over your traditional 401(k) assets into a traditional ira and your Roth 401(k) assets into a roth ira.

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