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401(K) Benefits
When a business offers a 401(k) plan, whether big or small, it’s often a win for business owners and employees. There are many benefits of a 401(k) being offered such as attracting and retaining talent. If you're a business owner, you've probably asked yourself at some point in your journey, what do the business and the employees gain by offering a 401(k) plan? The answer is probably a great quantity of things.
In the United States, a 401(k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401(k) of the U.S. Internal Revenue Code.[1] Periodic employee contributions come directly out of their paychecks and may be matched by the employer. This legal option is what makes 401(k) plans attractive to employees, and many employers offer this option to their (full-time) workers.
Ask us about a 401(K)!