<prompt> Human: Hi All,I have an opportunity to work for a company that provides a 401k, since this is the first time I have a 401k as an option, I need help with understanding what the below statement means:401k plandefer up to 30 pretax salary dollars; company matches 50 cents onevery dollar to a maximum of 7 of employee contributionIm interpreting this as me being able to put 30 of my gross earnings into the 401k, and for the first 7 of gross earnings, the company will match 50 cents on the dollar. As such, if I do invest the full 30, 23 will NOT be matched by the employer.Am I correct on this?Thank you all in advance!UPDATE: Thank you everyone for your feedback, as always you are very helpful!  <response>: Thats correct. 