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Birth of 401(k) plans allows worker’s input

 
By Jim Stafford    Comment on this article Leave a comment
Published: October 12, 2008

A quiet revolution was unleashed on American workers in 1981 that continues today and impacts millions.

It was the debut of the 401(k), the retirement savings plan that puts much of the responsibility of both funding and investing on the shoulders of employees. The Johnson Cos. designed the first 401(k) for its employees, which allowed them to defer a portion of their salary tax free into a retirement fund.

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Related Topics: Business, Personal Finance, Retirement Planning, Financial Planning, 401(k)s



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