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National Small Business Week, May 5 to May 11: A Review of Qualified Plan Choices for Small Businesses

Posted by Robert K. Butterfield | May 07, 2019 | 0 Comments

It's National Small Business Week! At Butterfield Schechter LLP, we provide our clients with all forms of business counseling and business planning. From business formation to employee benefit plans, our attorneys will help your business stay up to date with the latest regulatory changes while taking advantage of tax benefits and avoiding regulatory liability. Below is a chart showing basic types of Qualified Plans allowed under IRC § 401(a). Contact our office today with any questions on how we can help you and your company succeed.

Tax Qualified Savings Plans By Category

Qualified Plans

Individual Retirement Accounts

Defined Contribution

-        Profit Sharing Plans

-        401(k) Plans

-        Money Purchase Plans

-        Target Benefit Plans

-        Age Weighted (or Rate Group) Profit Sharing or Money Purchase Pension Plans

-        Employee Stock Ownership Plans (ESOPs)

-        Stock Bonus Plans

Defined Benefit

-     Fixed benefit with numerous benefit formula options

vs.

-     Cash Balance

-      Simplified Employee Plans (SEP)

-     Individual Retirement Accounts

-     SIMPLE

     

About the Author

Robert K. Butterfield

Robert Butterfield's practice emphasis is on employee benefits, executive compensation, ERISA, estate planning and corporate planning.

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