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In the United States, a 401(k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401(k) of the U.S. Internal Revenue Code. [1] Periodic employee contributions come directly out of their paychecks, and may be matched by the employer .
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In 2007, the ADP Brokerage Service Group was spun off to form Broadridge Financial Solutions, Inc., removing about US$2 billion from ADP's total yearly revenue. [11] ADP distributed one share of Broadridge common stock for every four shares of ADP common stock held by shareholders of record as of the close of business on March 23, 2007. [25]
An alternate orthography for the numerical part includes 24×7 (usually pronounced "twenty-four by seven"). The numerals stand for "24 hours a day, 7 days a week". Less commonly used, 24/7/52 (adding "52 weeks") and 24/7/365 service (adding "365 days") make it clear that service is available every day of the year.
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