Savings

Savings

Referring to the process of saving and accumulating money by economy and laying it away for later use, usually over a long period of time.

Industry: Banking

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Savings

Roth 401(k)

Banking; Savings

In 2006, the Roth 401(k) was introduced as another retirement option for employers to offer their employees. While still a retirement plan with employer-matching contributions, Roth 401(k) plans ...

Vesting refers to ownership of the plan's account balance. An employee is always fully, or 100 percent, vested as far as his or her own contributions are concerned, but how much he or she is vested ...

rollover

Banking; Savings

A rollover allows an employee to move the balance of a 401(k) to another employer's plan or to his or her own retirement account should the employee transfer to another job. Tax benefits are retained ...

cash-out

Banking; Savings

A cash-out occurs when an employee takes out money from his or her 401(k) account before reaching retirement age or when he or she moves from one job to another without rolling over the 401(k) to a ...