This is an automated archive made by the Lemmit Bot.

The original was posted on /r/todayilearned by /u/NoHousing11 on 2024-09-20 07:19:59+00:00.

Original Title: TIL that the 401(k) retirement plan was created as a tax shelter for rich executives. Before its introduction, companies would create deferred savings accounts for executives so to avoid paying taxes, but the government caught on and formalized the rules as the 401k.