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Our retirement plans offer a tax deduction for the business while encouraging their employees to save for retirement without large transaction fees you would incur with an investor or 401k plan.
Annual Employee Deferral Limit
Age 50 & over: $16,500
No employee salary deferral allowed
Annual Employer Match Contribution
The employer must annually choose one of the contribution methods below:
If $5,000 was earned in compensation in any 2 preceding years & plans to earn $5,000 during current year
Employer creates employee eligibility requirements, but maximum restrictions an employer can require are:
Acces to Funds
Immediate access, however a penalty can apply
Immediate access; however a penalty can apply;
distribution taken under the age of 59.5 will be subject to a 10% premature distribution penalty
Deadline for Establishing
Notify employees of the match option for that year within 60 days before plan year
Employer must establish plan by tax filing deadline, plus extensions