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VOLUME SUBMITTER PLANS
(These plans have basic IRS approval, may be tailored to the employer's specific needs, and can receive IRS
approval tailored to the employer's and employee's specific needs.) |
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Profit-Sharing Plans
(These plans do not require a net profit, but are a way to share an employer's profit; all contributions are discretionary.)
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Money Purchase Plans
(These plans require a designated employer commitment, usually expressed as a percentage of Compensation.)
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401(k) Plans
(These plans allow employee deferral, employer matching contributions, and employer discretionary contributions.)
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1. Profit-Sharing
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1. Money Purchase
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1. 401(k) Profit-Sharing
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2. Profit Sharing with Permitted Disparity
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2. Money Purchase with Permitted Disparity
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2. 401(k) Profit-Sharing with Permitted Disparity
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(These plans use the employer's share of Social Security taxes for the employer's share of contributions.)
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3. Profit-Sharing with New Comparability Allocation
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3. Money Purchase with New Comparability Allocation
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3. 401(k) profit-sharing with New Comparability Allocation
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(These plans allow allocations of employer contributions based on an employee's Years of Service and Compensation.)
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4. 401(k) Simple Plan (A Savings Incentive Match Plan for Employees may be established by an employer who has 100 or fewer employees who receive at least $5,000 of Compensation from the employer for the preceding year.)
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5. 401(k) Safe Harbor Plan (These plans are best for self-employed persons; the total allowable contributions normally are greater than those allowable under by other types of plans.)
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Defined Contribution Plans (Profit-Sharing, Money Purchase, 401(k), and ESOPs) limit an employer's contribution to the lesser of $40,000 per year or 100% of the Participant's Compensation. |
