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:
“[N]o combination of dictator countries of Europe and Asia will halt us in the path we see ahead for ourselves and for democracy.... The people of the United States ... reject the doctrine of appeasement.”
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