Company Sponsored Retirement Plans come in a variety of types and have different funding requirements. 401(k) is the most commonly associated term with an employer based retirement plan however there are many others such as 403(b) aka Tax Sheltered Annuity (TSA), 401(a) Money Purchase Pension, 457 Deferred Compensation, Profit Sharing, Defined Benefit Pension, Solo 401(k), DB(k), SEP (Self Employed Pension) IRA, SIMPLE (Savings Incentive Match Plan for Employees) IRA, etc. There are now also the Designated Roth variety of 401(k)'s and 403(b)'s. Choosing between these different plans can affect administrative cost to the employer as well as funding limitations for owners, principals, officers, and employees.
Schedule a complimentary Discovery Consultation to learn more about how Portnoff Financial LLC can help you design the right retirement plan for your business.