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Essay / Research Paper Abstract
A 5 page essay discussing the pros and cons of 401k plans. Bibliography lists approximately 6 sources.
Page Count:
5 pages (~225 words per page)
File: D0_401kplan.rtf
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Unformatted sample text from the term paper:
Employers usually match at least part of that contribution. This type of retirement plan has a lot of advantages, but of course, there are drawbacks as well.
The earliest 401k plans have been in existence for almost 15 years. The popularity of 401ks has been enormous. They have rapidly become the foundation for
the retirement plans of many Americans. The popularity of 401k plans is in part due to their flexibility relative to other retirement plans. A 401k serves the needs
of both employers and employees. Employers gain more control of benefit costs and employees gain investment freedom and control their contribution levels. However, while a 401k plan can
be an excellent retirement benefit, an individuals plan is only as good as their investments. The nations retirement system used to be like a three-legged
stool with Social Security, company pensions and personal savings each bearing part of the burden. But since the advent of 401ks, that model has begun to change. To
address Americans poor record for saving, Congress added an incentive. Section 401K of the Internal Revenue Code enabled employees to set aside earnings tax-free for retirement. The
401K was intended to supplement company pensions, but some have argued that this is simply not the reality of what has happened. Employers
became disenchanted with traditional pensions, also known as defined benefit plans, for several reasons. They cost a lot, theyre hard to administer, and todays younger, more mobile workforce was
less likely to appreciate them. Unlike health insurance, many employees regarded their pension as an invisible benefit. In an interview that I read, one expert claims employers capitalized
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