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Investments

Employer 401(k) plan

An employer 401(k) plan is an employer-sponsored retirement savings plan that gives employees a choice of investment options—typically mutual funds. Employees who participate in a traditional 401(k) plan have a portion of their pre-tax salary invested directly in the option or options they choose. These contributions and any earnings from the 401(k) investments are not taxed until they are withdrawn.

In Florida, as in other states, an employer 401(k) plan is a common retirement savings vehicle that allows employees to contribute a portion of their pre-tax salary to selected investment options, often including a variety of mutual funds. The contributions made to a traditional 401(k) plan, along with any investment earnings, are tax-deferred, meaning they are not subject to federal or state income tax until the employee withdraws the funds, typically upon retirement. The specific rules and regulations governing 401(k) plans are established by federal law under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code. Florida does not have state-specific laws that alter the fundamental federal framework of how 401(k) plans operate, but state laws regarding creditor protection do apply. In Florida, assets in a 401(k) plan are generally protected from creditors in the event of bankruptcy or lawsuits, providing employees with a level of financial security for their retirement savings.

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Investments

Employer 401(k) plan

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Investments

Employer 401(k) plan

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