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Employee Benefit Plan Review: The “New 401(k)”

Forty years ago, Congress passed the Revenue Act of 1978 and added a single paragraph marked “(k)” to another wise yet obscure section of the Internal Revenue Code.  The real purpose was to place more parameters around pre-tax contributions made to cash or deferred plans.  In reality, with few than 900 words, Congress created what is now a major piece of the retirement system.

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