Offering a 401K plan is a smart way to help level the professional playing field between your small business and
larger companies. A good 401k plan can help you to:
• Attract talented people in today's challenging job market.
• Retain valuable employees who want retirement options in their benefits package.
• Enjoy tax advantages that may be available to you as an employer offering the plan.
Tax Benefits: For employees: Tax-deferred growth potential and pre-tax contributions. For employers: Tax-deductible contributions.
Fees: Vary By Plan
Features: Employer matching contributions. Participant loans.
IRS Maximum Contribution: Salary deferrals up to $19,000 for 2019 and $19,500 for 2020. Catch-up contributions: Additional salary deferrals up to $6,000 for 2019 and $6,500 for 2020 for those age 50 or older
Withdrawals: Vary by plan
Investment Options: Broad range of investments from which to choose from.