Other Countries
Even though the term "401(k)" is a reference to a specific provision of the U.S. Internal Revenue Code section 401, it has become so well known that some other nations use it as a generic term to describe analogous legislation. For example, in October 2001, Japan adopted legislation allowing the creation of "Japan-version 401(k)" accounts even though no provision of the relevant Japanese codes is in fact called "section 401(k)."
The term is not used in the UK, where analogous pension arrangements are known as personal pension schemes.
Read more about this topic: 401(k)
Famous quotes containing the word countries:
“[W]e are all guilty in some Measure of the same narrow way of Thinking ... when we fancy the Customs, Dresses, and Manners of other Countries are ridiculous and extravagant, if they do not resemble those of our own.”
—Joseph Addison (1672–1719)
“It seems to me that the god that is commonly worshiped in civilized countries is not at all divine, though he bears a divine name, but is the overwhelming authority and respectability of mankind combined. Men reverence one another, not yet God.”
—Henry David Thoreau (1817–1862)