Company Retirement Plans for Under 100 Employees
Payroll deduction IRA
A payroll deduction individual retirement account (IRA) is an easy way for businesses to give employees an opportunity to save for retirement. The employer sets up the payroll deduction IRA program then the employees designate how much they want deducted from their paychecks and deposited into the IRA. Employees may also have a choice of investments. Many people not covered by an employer retirement plan could save through an IRA, but do not do so on their own. A payroll deduction IRA at work can help retain employees. Under Federal law, individuals saving in a traditional IRA may be able to receive some tax advantages on the money they contribute, and the investments can grow tax-deferred. If the individual selects a Roth IRA, the contributions are after-tax and the investments grow tax-free.
Please Call 814.520.5511/Text 440.276.3883/Email us to inquire.
SEP (Simplified Employer Plan)
Most employers are eligible to establish SEP plans. This type of plan is most common among sole-proprietors. Benefits :
Employee Incentive - The SEP plan is designed to allow an employer to make discretionary contributions to an employee’s IRA.
Tax Deduction - Plan contributions are deductible for the business
Please Call 814.520.5511/Text 440.276.3883/Email us to inquire.
Solo 401k (Employer owned 401k)
A one-participant 401(k) plan is sometimes called a Solo 401(k), Solo-k, Uni-k, One-participant k. The one-participant 401(k) plan isn't a new type of 401(k) plan. It's a traditional 401(k) plan covering a business owner with no employees, or that person and his or her spouse. These plans have the same rules and requirements as any other 401(k) plan. It allows for high deferral amounts every calendar year.
Please Call 814.520.5511/Text 440.276.3883/Email us to inquire.
SIMPLE IRA Plan (Savings Incentive Match Plan for Employees)
A savings incentive match plan for employees (SIMPLE plan) is a written arrangement that provides you and your employees, who meets minimum standards, with a simplified way to make contributions to provide retirement income. Under a SIMPLE plan, employees can choose to make salary reduction contributions to the plan rather than receiving these amounts as part of their regular pay. In addition, you will contribute matching or nonelective contributions. SIMPLE plans can only be maintained on a calendar-year basis. A SIMPLE plan can be set up in either of the following ways.
• Using SIMPLE IRAs (SIMPLE IRA plan).
• As part of a 401(k) plan (SIMPLE 401(k)
plan).
Please Call 814.520.5511/Text 440.276.3883/Email us to inquire.
Small Business 401k Plans (401k, Safe Harbor 401k, SIMPLE 401k)
Flexible Solution for the employer and it helps attract and keep talented employees. Allows participants to decide how much to contribute to their accounts. Entitles employers to a tax deduction for contributions to employees’ accounts. Benefits a mix of rank-and-file employees and owners/managers. Permits money contributed to grow through investments in stocks, bonds, mutual funds, money market funds, savings accounts, and other investment vehicles. Offers significant tax advantages (including deduction of employer contributions and deferred taxation on contributions and earnings until distribution). Allows participants to take their benefits with them when they leave the company, easing administrative responsibilities.
Please Call 814.520.5511/Text 440.276.3883/Email us to inquire.