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401k Plans offer tax deductible contribution, tax deferred growth and taxable distribution.
Any business, whether a C Corporation, S Corporation, partnership, sole proprietorship, self-employed can establish a 401k Retirement Plan.
- The company sets the eligibility requirements, within certain guidelines, at the time the plan is established.
- If they wish, the employer can restrict individuals with less than 1 year service, union members, non US citizens, part-time workers etc., from being eligible for the plan.
- Contributions to 401k retirement plan can come from voluntary employee salary reduction or from employer, or both.
- For 2005, each individual employee can defer up to 100% of their pre-tax income into the plan up to a maximum of $14,000 per year ($18,000 if over age 50).
For more information on 401k Plans and 401k Rollovers and how we can assist you in addressing your particular financial, retirement and insurance interests, contact us.