401(k) Plans/Simple IRA
401k Plan
401(k)s have become synonymous with "Retirement" as millions of employees have used this tax-privileged, convenient and personally directed retirement vehicle to build their largest investment asset. Some of the benefits of offering a 401(k) plan include:
- Recruit and retain the best employees
- Convenient investing through payroll deductions
- Save on income taxes
- Investments grow tax-deferred
- Access to stock and bond markets
- Have an optional "match" or company contribution made to the plan
- Allow employees to save considerably more than an IRA
SIMPLE IRA
A SIMPLE IRA plan is an IRA-based plan that gives small employers a simplified method to make contributions toward their employees' retirement and their own retirement. Under a SIMPLE IRA plan, employees may choose to make salary reduction contributions and the employer makes matching or company contributions. All contributions are made directly to an Individual Retirement Account set up for each employee.
Some of the features of a SIMPLE IRA include:
- Easy employee qualification
- Tax deductible contributions
- Flexible employer contributions
- Electronic submission of contributions
- No complex IRS reporting
- Tax deferred contributions and earnings
- Low start up and maintenance fees
- Simplified set up
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