  401(k) Plan Defined Definition: When you get your first real job (a full-time job), this is one of the benefits you might receive. It's named after its location in the government tax code and it allows you to save for retirement. When you withdraw the money, it'll be tax-free. In fact, your company might even match your savings dollar-for-dollar up to a certain amount per year (usually under $10,000)! One downside: Because
401(k) plans are directed by the company you work for, you are not
given quite as many investment possibilities. Most companies
will either hire and outside professional to manage the 401(k) plans
or they will contract with a mutual fund company to give you a small,
core group of mutual funds to choose from.
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