David Kirkpatrick

March 16, 2010

Happy birthday, 401(k)

Filed under: Business, Politics — Tags: , , , — David Kirkpatrick @ 3:44 pm

The retirement savings vehicle is now thirty. (Well, technically thirty since the start of the year.)

From the link:

That’s the case with the U.S.’s main corporate pension plan, the 401(k). The Revenue Act of 1978 contained a provision that become Section 401(k) of the Internal Revenue Code and it went into effect on Jan. 1, 1980. Subsequent regulations issued by the federal government in 1981 gave benefit specialists the guidance they needed to set up the pension plans. The 401(k) has since evolved into the largest private-sector employer-sponsored retirement plan in the U.S.

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