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401k – a qualified plan that allows employees to contribute a portion of their wages to an investment account to help save for retirement.
401k Profit Sharing Plan – a qualified plan that allows employees to contribute a portion of their rages and allows employers to share in company profits based on its quarterly or annual earnings.
457 – Available for certain state and local governments and non-governmental tax-exempt entities.
403b (aka tax-sheltered annuity [TSA]) – offered by public schools and certain tax-exempt organizations.
Individual K (aka. Solo K) – A cost-effective plan to help self-employed individuals maximize retirement savings.
SEP (Simplified Employee Pension Plan) – Available to businesses with any number of employees, however, they often appeal primarily to the small businesses with few or no employees. No employee contributions allowed. Contributions are based on a percentage of compensation earned.
SIMPLE IRA (Savings Incentive Match Plan for Employees) – generally used for employers with under 100 employees looking to provide a retirement savings plan for their employees. Employee and Employer contributions available.
Cash Balance Plans – Known as a “Hybrid” plan, combines high contribution limits of a defined benefit plan with the flexibility and portability of a 401k plan. Possible solution for business owners looking to reduce tax liabilities and accelerate retirement savings.
What is the right plan for your group? Contact us to discuss your options in more detail.