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When considering the features of a company-sponsored benefits program, it's
helpful to have the professional assistance of an First National Investments & Planning Financial
Advisor. Here are highlights to consider when investigating these programs:
For more information, Contact Us.
401(k) and 403(b) Plans
Simple Plans
SEPs and Keoghs
401(k) and 403(b) Plans
If your employer offers a 401(k) savings plan, or if you work for a school,
nonprofit, scientific or religious organization with a 403(b) plan, you can
elect to have part of your salary automatically deducted from your paycheck
and deposited into one of these tax-deferred plans. Your tax bill will be
lower because you're investing pre-tax dollars and in many cases, the employer
will match some or all of your contributions.
Simple Plans
A Simple Plan is similar to a 401(k) plan, except that it's available only
to businesses with less than 100 employees. Salary deductions are deposited
to an IRA for each participating employee, and partially matched by the employer.
SEPs and Keoghs
Simplified Employee Pension (SEP) and Keogh plans are designed specifically
for the needs of small businesses. By adopting one of these plans, a business
owner can put aside up to $35,000* of his or her compensation - and that of
eligible employees - in a tax-deferred retirement account. Because all contributions
are fully tax-deductible business expenses, these plans are extremely popular
among small business owners.
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