Real Estate Glossary

401(k)/403(b):

Refers to Internal Revenue Code ("IRC") §403. An employer-sponsored employee investment plan that allows individuals to set aside tax-deferred income for retirement or emergency purposes. Employers that are private corporations provide 401(k) plans. Employers that are non-profit organizations provide 403(b) plans.



401(k)/403(b) loan:

Refers to Internal Revenue Code ("IRC") §401,403. Some administrators of 401(k)/403(b) plans allow for loans against the monies you have accumulated in these plans. Monies must be repaid to avoid serious penalty charges.


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