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401 (k)

401(k) Plan

Giving your employees a 401(k) plan is a highly sought after benefit.

The 401(k) plan will provide your employees with a very straightforward way to save taxes. Since contributions are made on a pre-tax basis, the government will take a smaller bite out of their paycheck. The money is then invested on a tax-deferred basis.

As a 401(k) investor, they will get the advantages of professional investment management and a range of attractive investment options. You’ve taken a crucial step toward giving your employees a brighter financial future.

As an employer, a 401(k) may be suitable for small to large companies who want to offer a salary reduction plan with a maximum number of options to their employees.

For more information on how a 401 (k) program can assist your company, simply fill out the form to your left and a representative will be in contact with you by the next business day.

401(k) Features

  • Pre-tax contributions may reduce employee’s current taxable income
  • Primarily employee funded
  • May include discretionary employer contributions and/or employer matching contributions
  • Flexibility in plan design
  • May allow for plan loans

Must include all employees who:

  • Are over 21 years old
  • Have completed one year of service (must have worked at least 1,000 hours each year)

May include:

  • Union employees
  • Certain nonresident aliens (no age requirement)

Plan Contribution Limits

  • As of 2015, the maximum deferral limit is $18,000
  • If you are over the age of 50, an additional “catch-up” $6,000 contribution is available.
  • 25% of gross compensation or $53,000 per individual limit (including employee deferrals, employer contributions, and forfeitures)
  • Maximum employer deduction is 15% of total eligible payroll

Distributions

  • Attainment of plan’s normal retirement age
  • Financial hardship
  • Permanent disability
  • Plan termination
  • Separation from service
  • Death
  • Maximum distributions required at age 70 1/2 or retirement, whichever is later

Deadline to Setup/Contribute

  • Plan must be adopted by employer’s year end
  • Employer contributions must be made by employer’s tax filing deadline, plus extensions.

For more information, please call us at 1.800.508.1144.

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