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401k

a provision for retirement savings that enables an employee to invest a percentage of (pre-tax) income, often matched by the employer, into an account where it will not be taxed until withdrawn, withdrawals before a specified date typically incurring a penalty; (also) an account of this type.


403b

a provision for retirement savings, similar to the 401k that enables an employee to invest a percentage of (pre-tax) income, often matched by the employer, into an account where it will not be taxed until withdrawn, but this type of account is specific to non-profit organizations.