Employer-sponsored retirement plans that require a minimum length of service to participate are a 401(k) plan whose length of service is 2 years of service for eligibility.
What is the 401(k) plan?
Corresponds to an employer-sponsored retirement savings plan after a minimum 2-year service period for the employee to be eligible. Its benefits are the reduction of taxable income, that is, income contributions are made before taxation.
Therefore, the traditional 401(k) plan has the benefits of choosing the investment, reducing negative risks related to financial losses.
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