New Comparability Profit Sharing PlansJuly 7, 2017
Owner Only 401(k) PlansJuly 7, 2017
If you are a small business owner interested in a 401(k) plan, you need to consider the advantages of a safe harbor 401(k) plan.
These plans allow the key employees to contribute up to the maximum dollar limit of $18,000 for 2017 as their 401(k) elective deferral without regard to what the other employees contribute. The maximum deferral for 2017 is $24,000 if a participant is age 50 or over.
In a traditional plan, the highly compensated employee’s contribution may be limited and is dependent upon what all other employees contribute as elective deferrals to the plan. One method of meeting the safe harbor rules is to make a 3% fully vested contribution for all employees. The end result can be a very appealing plan.
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That Schlage Key
I Love Writing Life insurance and health insurance because its complicated now and people need help. People also need to get their insurance before they have a major event like I did with heart surgery.
I grew up in a very small town, my father ran the drug store since 1953. I started working at age 8 and learned about business, customer service, and how to treat people from him. Unfortunately he died at age 64 unexpectedly and I had to return to run and close down his business. I learned from that what happens when fathers and business owners don’t plan. That the government does not help, but gets in the way.
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Peter Robert Stone
Ins. Lic CA 0i31296
Lic in AZ, SD, TX, OH, FL, PA, VA, NM, MI, KY