In 1978, Congress passed the Revenue Act, which included a provision that gave employees a tax-free way to defer compensation from bonuses or stock options. The law went into effect on January 1, 1980. This created an opportunity for employers to create
In 1981, the IRS issued rules that allowed employees to contribute to their 401(k) plans through salary deductions, which jump-started the widespread roll-out of 401(k) plans in the early 1980s.
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