401K Profit Sharing & Savings Plan
The 401K profit savings plan is a profit sharing plan that includes special features permitting employee contributions with pre-tax dollars.
Individual record keeping accounts are maintained for participants, and participants may be given the option to "direct" the investment of their accounts among alternative investment funds offered through the plan. The employer's contribution commitment may be expressed in a number of alternative ways, with all or a portion of employer contributions determined on a purely discretionary basis each year.