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:
“What really distinguishes this generation in all countries from earlier generations ... is its determination to act, its joy in action, the assurance of being able to change things by one’s own efforts.”
—Hannah Arendt (1906–1975)
“Fame sometimes hath created something out of nothing. She hath made whole countries more than nature ever did, especially near the poles, and then hath peopled them likewise with inhabitants of her own invention, pigmies, giants, and amazons: yea, fame is sometimes like unto a mushroom, which Pliny recounts to be the greatest miracle in nature, because growing and having no root, as fame no ground of her reports.”
—Thomas Fuller (1608–1661)