Employer-sponsored retirement plans provide value to both the employer and their employees. There are a number of retirement plan types available. Below are some brief highlights about some of the more popular types that companies can offer.
SEP IRA: a provision that allows an employer (usually a small business or self-employed individual) to make retirement plan contributions to pension fund.
SIMPLE IRA: a simplified employee pension plan that allows both employer and employee contributions, similar to a 401(k) plan, but with lower contribution limits.
Money Purchase Plan: a defined-contribution plan to which employer contributions are fixed.
Profit-Sharing Plan: a plan that gives employees a share in the profits of the company based on the company's earnings.
Defined-Benefit Plan: an employer-sponsored retirement plan where employee benfits are sorted based on a formula using factors such as salary history and duration of employment.
401(k) Plan: a qualified plan established by employers to which eligible employees may make salary deferral contributions.
To learn more about which retirement plan would be appropriate for your business, contact Q3 Capital at 724-940-3927.