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Additional Details
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Ask Mike | Where does the term "401(k)" come from? |
How did retirement plans come to be called this? As always, links appreciated. |
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teresathegreat
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401(k) refers to the section of the tax code that discusses this sort of retirement plan.
403(b) is the same thing, but for non-profit organizations like government agencies and schools. |
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LORD Z
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Since you asked.
The Internal Revenue Tax Codes are organized in Title 26 with Chapter 1 being dedicated to Normal Taxes and Surtaxes. Subchapter D is dedicated Deferred Compensation , Etc (401-426). Part I is Pensions, Profit Sharing, Stock Bonus Plans, Etc...(401-419). Sub Part A is the General Rule, (401-409) . Section 401 is for Qualified pension, profit sharing, and stock bonus plans. And Subsection K is for Cash or Deferred Arrangements.
There are several Ammendments to the Tax Code Act concerning 401K's.
But the answer of where is the IRS and the Internal Revenue Tax Code as codified by the IRS thus. The ideas for such plans come from businesses, accountants, and economists. In this case it was the businesses and accountants coming up with a way to treat tax liability on money set aside for retirement in an attempt to defer as much liability as possible so that participants could save as much as possible without having to pay tax upfront or if they elected at time of receipt, and definitely not at both times. Economists may have got involved when the question of incentives to save came up but that is more of an after the fact situation.
Anyway the whole term is Title 26,Chapter One, Subchapter D,Part I, Subpart A, Section 401(K).
So be glad you only have to remember to say the last part to be understood. |
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NiteShadow
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It's the section of the of the tax code that discusses this tax plan. Gotta love the IRS and their tax laws and codes. |
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Knarf
 |
From the Gov"t tax code section, which defines it. |
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SoCal Attorney
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It specifically refers to Section 401 of the Internal Revenue Code ("IRC"), subsection k. Federal laws are organized by numbers titles. The IRC is contained in title 26. The official citation is 26 U.S.C. § 501(k). The USC stands for United States Code.
Section 401 covers qualified pension, profit-sharing and stock bonus plans. You can read the full text of the statue at the link below. |
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Lefty Bassist 1
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named after a section of the U.S. Internal Revenue Code. |
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Sparkle
 |
!!it give you more space into site and things i think!!! |
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Babs
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401(k) refers to the portion of the IRS tax code that pertains to this type of employer/employee funded retirement savings. |
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Linda C
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In 1978, The IRS included a provision under which employees could elect to defer compensation of some of their income and have this deferred compensation not be taxed until a later time. This was called IRC Section 401(k). Additional changes will no doubt be made as time and economic conditions dictate. |
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Smilin'Bob_ The Enzyte Guy
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Refers to the IRS code that creates it..
Same applies for 529 plans (educational IRA's)
403 (b)'s... govt workers, teacers, et al.. |
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auntb93
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It's the statute number to a federal tax law (subsection k) which authorizes them. |
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Jiraiyaâ„¢
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The name comes from a section of the Internal Revenue Code that permits an employer to create a retirement plan to which employees may voluntarily contribute a portion of their compensation on a pre-tax basis. |
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LIONTOM
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WELL, I Would say it's for your RETIREMENT, Which money is taking out of each of your checks so,the money builds up as long as you have it ok? BYE PEACE TOM!!! |
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irongrama
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It is the section of the IRS code that spells out the law for these kind of plans. It means nothing other than that. |
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TL
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In 1978, Congress amended the Internal Revenue Code to add section 401(k). |
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