Who Governs 401K Plans? 
A defined contribution pension plan established by an employer under section 401 -LRB- k -RRB- of the Internal Revenue Code is what is popular called a , 401 -LRB- k -RRB- The program itself is designed for the employer . Administration of the plan may be handled directly by the employer or by a third-party administrator . The fiduciary requirements are with the employer ; however , these may be contracted to another party as well . 