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Types & Uses of Retirement Plans for Business/Group/Employees*

Simplified Employee Pension (SEP) Plan: For self-employed people and small business owners who wish to make tax-deductible contributions of up to $40,000 or 25% of their income, whichever is less, and that of their eligible employees.

Simple IRA Plan: For firms of 100 or fewer employees to establish an employee savings program for pre-tax contributions of up to $7,000 per year.

Profit Sharing Plan (Keogh** Plan): For business owners who wish to make tax-deductible contributions of up to 15% of each participant's pay, and have vesting and loan schedules not available with a SEP.

Money Purchase Pension Plan (Keogh** Pension Plan): For business owners with predictable incomes who wish to make pre-determined tax-deductible contributions of up to 25% of each Participant's pay.

Age-Weighted or Comparability Plan: For business owners who are older and more highly paid than most of their employees and wish to allocate contributions under a formula based on both age and salary.

Defined Benefit Pension Plan: For business owners who wish to contribute enough money each year to provide a specific benefit upon retirement. This may be beneficial to older employees with a high, stable income who need a rapid accumulation of assets over a short period of time.

401(k) Plan: For employers who wish to allow employees to make pre-tax contributions through payroll deductions of up to $11,000 per year or 25% of their pay, whichever is less.

Safe Harbor or DASH 401(k) Plan: For business owners who wish to give their employees the advantages of a 401(k) plan, while maximizing the amount they can put away for themselves.

403(b) Plan: For employees of public schools, non-profit hospitals and other certain tax-exempt organizations. Also known as a Tax-Sheltered Account.

Our agency does not provide legal or tax advice. For specific legal or tax advice based on your situation, please contact your attorney of tax advisor.

** The term "Keogh" or "HR-10" describes any type of retirement plan established by an unincorporated business - whether it be a profit sharing, money purchase or defined benefit plan.

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