401(k) Plans

A 401(k) plan is a defined contribution (DC) retirement plan. A defined contribution plan simply means the plan follows certain rules with regard to how money is added to the plan. A 401(k), or a 403(b) which is similar and used in non-profits, are the type of plan that allows a lot of flexibility for employers and employees.

If they choose, employees can elect to defer a portion of compensation and have it contributed to the plan on their behalf, typically through payroll withholding. Used properly it is an effective and efficient way to prepare for retirement.

An employer may also elect to make contributions to the plan. There are many different types of employer contributions and formulas that a plan can use. We can help you determine the plan features that may make sense for your organization.

401(k) plans are ideal for:

Employers who are initiating a plan due to employee demand
Employers wishing to maximize contributions and possibly use Profit Sharing or a Hybrid Combo
Employers wishing for discretionary contributions

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401(k) Plans