When Congress passed The Revenue Act of 1978, which included a provision that became Internal Revenue Code Sec. 401(k), the U.S. government officially sanctioned tax-deferred salary reductions for contributions to retirement plans.
The Revenue Act of 1978 was a large tax bill that, among other things, reduced income taxes for individuals, estates and trusts for the taxable year beginning in 1979.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
