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Cash or deferred retirement plans, more commonly referred to as 401(k) plans, have become the backbone of the private pension system in America. They long ago replaced employer-sponsored pension plans as the most common vehicle for retirement savings.

These plans, which are primarily funded by employee contributions, typically give employees more control, allowing them to direct their own investments and providing more access to their money in times of financial need. But workers can also choose whether or not they want to participate at all. According to the Department of Labor, approximately one-third of eligible employees do not participate in their company’s 401(k) plan.

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