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A 401(K) is a qualified plan.
A qualified retirement plan is an employer's plan to benefit employees that meets specific Internal Revenue Code requirements. Because a 401(K) plan is a qualified plan, you are able to defer tax on the amounts you contribute to the plan.
A Non-qualified plan does not meet those requirements and therefore is not eligible for any tax-deferral benefits.
A 401(K) is a qualified plan.
A qualified retirement plan is an employer's plan to benefit employees that meets specific Internal Revenue Code requirements. Because a 401(K) plan is a qualified plan, you are able to defer tax on the amounts you contribute to the plan.
A Non-qualified plan does not meet those requirements and therefore is not eligible for any tax-deferral benefits.
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