A popular plan that offers employees an opportunity to save through payroll deductions and have their contributions matched by the employer is known as the

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A 401(k) plan is a retirement savings plan that allows employees to contribute a portion of their salary to a tax-deferred investment account. The contributions are deducted from the employee's paycheck before taxes are withheld, which reduces their taxable income. In addition to this tax advantage, many employers offer a matching contribution to the employee's 401(k) account, which is essentially free money for the employee. ERISA benefit plans are a federal law that regulates pensions and other employee benefits, but it is not a specific type of retirement plan. The tax reduction plan and Individual Retirement Plan are also not specific types of employer-sponsored retirement plans that involve payroll deductions and employer matching contributions.

A Popular Plan That Offers Employees an Opportunity to Save