401(k)

[fawr-oh-wuhn-key, fohr‑]

noun

1. a savings plan that allows employees to contribute a fixed amount of income to a retirement account and to defer taxes until withdrawal.

Example Sentences

In order to fix the company's financial dilemma — Poynter reported that the company laid off more than 600 people, forced furloughs and suspended 401 K contributions.

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When one victim texted to ask whether to pull funds from a cash advance or a 401K, Gracey responded: “I’d say go for the credit card, line of credit, then the loan. And move on your 401 K.”

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“SoHo. I was in this start up and the company went bust. I had to empty my 401 K to be able to move in here.”

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The indictment said the money was supposed to pay federal taxes, fund 401 K plans and pay medical and prescription drug benefits of employees who worked for Sommet Group’s clients.

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An indictment said Whitfield used money for his personal benefit that was supposed to pay federal taxes, fund 401 K plans and pay medical and prescription drug benefits of employees for Sommet Group’s clients.

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