Types of Retirement Plans

• SEP IRAs- designed for small businesses. Allows the employees to vary the contribution from year to year.
• Simple IRAs- designed for small businesses. Plan allows for employee salary deferrals with minimal administration and expense.
• Individual 401k- A 401k plan for businesses whose employees are the owners and their spouses.
• Safe Harbor 401(k)- A 401(k) plan with minimized costs and administrative requirements.
• 401(k)- A retirement plan that offers maximum flexibility in plan design and contributions.
• Defined Benefit Plan- A retirement plan where a retirement benefit is defined and contributions are calculated to provide that benefit.
• Profit Sharing- A retirement plan featuring a flexible employer contribution which is either purely discretionary or based on some type of formula.
• Money Purchase- A retirement plan wherein the employer makes an annual contribution and is obligated to make a contribution each year.
• 403(b)- A simple and inexpensive salary deferral program for public schools and non-profit organizations.
• Profit Sharing Plan- most flexible with respect to the amount of contributions made each year. In years when the company may not be as fiscally able to make a contribution as in other years, it may elect to either forgo or substantially limit the amount of contribution to be made for that particular year.

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