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:
“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)
“Other countries drink to get drunk, and this is accepted by everyone; in France, drunkenness is a consequence, never an intention. A drink is felt as the spinning out of a pleasure, not as the necessary cause of an effect which is sought: wine is not only a philtre, it is also the leisurely act of drinking.”
—Roland Barthes (1915–1980)