Which of the following is an example of a qualified retirement plan?

A 401(k) is classified as a qualified retirement plan because it meets specific requirements set by the Internal Revenue Service (IRS) and the Employee Retirement Income Security Act (ERISA). These plans provide employees with a way to save for retirement through tax-deferred contributions, meaning that taxes on the money saved and the investment earnings are deferred until withdrawal, typically during retirement when the individual may be in a lower tax bracket.

Qualified retirement plans, like the 401(k), also generally include features such as employer matching contributions, loan provisions, and specific rules regarding contributions and distributions that adhere to IRS regulations. The plan must also provide certain protections for participants, ensuring that the funds are managed according to established fiduciary standards.

In contrast, the other options do not qualify as retirement plans under IRS guidelines. A traditional savings account is not specifically designated for retirement and does not provide tax advantages. A Health Savings Account, while beneficial for medical expenses, is not a retirement account in the traditional sense and is intended for health-related costs. A money market fund, although it can be part of investment strategies, is simply an investment vehicle and does not meet the defined criteria of a qualified retirement plan. This distinction emphasizes the unique structure and benefits associated with qualified retirement plans like