I have worked as a software contractor before, for a company and they didn't have 401(k) plan at all.
And then I have worked at a different company, with something like, we can contribute, and for the first 4.5%, they'd match 100%. So most people put in 4.5% or 6%, and it was possible to buy stocks or any mutual funds or ETF through Fidelity's BrokerageLink.
And then I ran into another software contracting agency's plan: we can put in 0% to 100% of our salary, and they don't match anything, and into Wells Fargo, so it seemed like it is limited to some 25 funds, including a T. Rowe Price growth fund, and an S&P 500 index fund.
It seems strange then: does it mean we can put in 20% or 30%? There is also a "catch up contribution percentage" -- which I don't understand: won't the regular contribution just become more and more to fill in the amount for the catch up amount? Why do we specifically contribute a "catch up amount"? And since we can't invest in QQQ or AAPL or GOOG, isn't it always possible, at least after some time, transfer that amount over from Wells Fargo to Fidelity, so that it can go into BrokerageLink and let us buy any ETF or stocks or mutual fund? The agent on the phone sounded like if I do that, it is early withdrawal and we'd be subject to penalties.