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401(k) Plan
In this type of defined contribution plan, the employee can make contributions from his or
her paycheck before taxes are taken out. The contributions go into a 401(k) account, with
the employee often choosing the investments based on options provided under the plan.
In some plans, the employer also makes contributions, matching the employee’s
contributions up to a certain percentage. SIMPLE and Safe Harbor 401(k) plans have
additional employer contribution and vesting requirements.

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