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:
“I have never looked at foreign countries or gone there but with the purpose of getting to know the general human qualities that are spread all over the earth in very different forms, and then to find these qualities again in my own country and to recognize and to further them.”
—Johann Wolfgang Von Goethe (1749–1832)
“Our democracy, our culture, our whole way of life is a spectacular triumph of the blah. Why not have a political convention without politics to nominate a leader who’s out in front of nobody?... Maybe our national mindlessness is the very thing that keeps us from turning into one of those smelly European countries full of pseudo-reds and crypto-fascists and greens who dress like forest elves.”
—P.J. (Patrick Jake)