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What is a 401(k)?


A 401(k) is an employer-sponsored retirement plan. It is offered by for-profit organizations in the private sector for employees who have served the company for a minimum of one year. Participating employees should be at least 21 years old. 


What makes a 401(k) unique? 


A 401(k) is a defined contribution plan. This generally means that the employee is the one who decides how much of their salary they want to contribute to their 401(k). While the contribution amount is entirely up to the employee, it is still subject to IRS regulations. According to the IRS, the contribution limit for employees is $19,500 in 2021. 

Employees can opt to invest the money in their 401(k) account in mutual funds or other  interest accruing funds, stocks, and bonds offered by the plan. 


Who can make contributions to a 401(k)?


Contributions may be made by both participating employees and employers. To help employees grow their savings for retirement, most employers offer to match 401(k) contributions.

Try out Workstream to hire employees for
your business

A revolutionary hiring process for Hourly positions

A revolutionary hiring process for Hourly positions Hiring hourly staff in San Francisco can be a tough job. Workstream can help accelerate the process by letting you post on job boards like Indeed within seconds.

1-Click Job Posting

No more tedious copy and pasting. We integrate with all the top job boards. All applicants funnel into one intuitive dashboard.

Text-to-Apply Posters

Print out your unique QR code and text message number. Applicants scan/text to see all open positions and apply right away.

Automated & 2-Way SMS

Engage with applicants via text. Include links to screening questions, forms, and more. Use 2-way text to answer questions.

Endless Integrations

Connect Workstream to your calendar so applicants can schedule interviews. Streamline onboarding with background check & HR integrations.

Candidate Tracking & Scoring

View all your applicants and employees in one place. Make notes on their progress. Access their docs anytime from anywhere.

Customizable Templates

We provide templates for everything from job postings to offer letters. Send links to docs and tax forms via text message so new hires sign digital copies.

What other owners
think about hiring through Workstream

"Everyone at Workstream is so helpful and willing to fix anything we have going wrong. Thanks!"

Envoy America


Chef Louie's Inc.

"I love everything about Workstream. It is easy to navigate and it has proven to be a powerful tool in recruiting and sourcing. "

Dimo's Pizza - Allen

Currently hiring on Workstream for:

Bar Manager

Pizza Cook Wrigleyville

BOH/Line Cook - Lincoln Square