Retirement Plan Types

The chart below provides a quick comparison of different types of qualified retirement plans. For a more detailed presentation of the features and benefits of these plans click on the plan type to find additional information regarding that specific qualified plan or contact us to let us show you how one may be best suited for your situation with a custom plan illustration.

Download Comparing Plan Types PDF

Type of PlanBenefits
SOLO 401(k)• Easy to Setup and Operate
• Flexible Investment Options
• Consolidate Your Retirement Savings
Traditional 401(k) Plan• Employee Contributions Permitted
• Discretionary Matching Contributions
• Discretionary Profit Sharing
• Up to 1 Year Eligibility Period
Safe Harbor 401(k) Plan• Same as Traditional 401k Plans
• Fewer compliance requirements
• Employees can contribute up to $17,000
• Permit Discretionary Contributions
403(b) Plans• Established for Tax Exempt Organizations
• Same Contribution Limits as a 401(k)
Traditional Profit Sharing• Discretionary Employer Contributions
• Unlimited Investment Choices
• Vesting Schedules
• Low Setup / Administration Costs
• Up to 2 Year Eligibility Period
New Comparability Plan• Maximizes Contributions for select employees
• Up to $50,000 per employee
• Discretionary Contributions
• Vesting Schedules
• Up to 2 Year Eligibility Period
Defined Benefit Plan• Accelerate savings
• Maximize Tax Deductions
• Contributions of $100,000 or more
• Provides Defined income stream upon Retirement
• Can have lump sum payout option
Cash Balance Plans• Same Benefits as a Defined Benefit Plan
• Added flexibility with less complexity

 

 

 

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Managing Your Plan to Minimize Top-Heavy Issues
January 10, 2017

Happy New Year! To start the year off right, we would like to share insights on how you can help your business-owner clients minimize pains associated with top-heavy issues. Because top-heavy required employer contributions to 401(k) plans can create budget challenges and may be a thorn in the side of some business owners, this article discusses creative ways to alleviate related frustrations, satisfy existing clients and gain new relationships along the way.

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