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| Defined Contribution
Plans
401(k) plans 401(k) plans are considered a form of defined contribution plans that may be used by businesses of any size. The most appropriate business for these types of plans usually have twenty five or more employees. Safe Harbor 401(k) plans The Safe Harbor 401(k) plan is different than a conventional 401(k) plan in the areas of employer contributions, vesting and maximum individual allocations. The safe harbor 401(k) is also a defined contribution plan and it may be installed for businesses of any size. Companies with twenty five or more employees are most appropriate. Profit Sharing plans Profit Sharing plans have become more popular in recent years due to the fact that employer contributions are discretionary and not mandatory. Businesses that want to install a retirement plan but have unpredictable earnings favor these plans over other defined contribution plan alternatives . These plans are among the most simplistic to install and administer and offer many advantages that others do not. The previously mentioned defined contribution plans are all very effective employer sponsored retirement plan solutions that offer significant benefits to both employer and employee. We can provide a side by side comparison of the defined contribution plans for your review at no cost or obligation.
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