Which of the Following Is True with Regard to 401(k)

question 53

Multiple Choice

Which of the following is true with regard to 401(k) plans?

• A) If an employee leaves the job, his/her 401(k) plan expires.
• B) These plans give all employees a minimum level of benefits and a set amount to spend on flexible benefits, such as additional healthcare or vacation time.
• C) A 401(k) plan is a plan set up by the organization in which employees directly deposit money from their paycheck.
• D) Employee Retirement Income Security Act (ERISA) makes it mandatory for employers to offer a pension or 401(k) plan.
• E) These plans are freely available and do not create an additional administrative cost for the company.

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