The ShareBuilder PLAN4TEN is specifically designed for small businesses with 2 to 10 total employees who desire an easy-to-operate 401(k) plan. PLAN4TEN is a 401(k) Safe Harbor plan that satisfies the nondiscrimination rules for elective deferrals and employer contributions. PLAN4TEN also serves as an excellent migration solution for owner-only businesses that already have an individual(k) plan when they hire their first employee.
Ideal for companies looking to adopt their first 401(k) plan or for companies that may have an existing SIMPLE or SEP plan
For Plan Sponsor:
For Employees:
Both of these accounts are 100% vested and are required to be funded on a per-pay-period basis.
A: Yes. In many cases, you may be eligible to receive a tax credit for 50% of your setup and annual administration fees or $500 (whichever is less). This credit can be taken each year for the first three years of the 401(k) plan. This credit may be taken in addition to any tax deductions you may be eligible to take for plan contributions.
To take this credit, you must employ at least one person who is not considered to be a highly-compensated employee (defined as a person who owns greater than 5% of the company or who earns more than $100,000 per year). In addition, you must employ fewer than 100 persons who earned more than $5,000 in the previous year. For additional details about this credit or to confirm that you are eligible, please consult your acountant or tax adviser.
This information does not constitute tax advice. Please consult your tax adviser for specific tax information.
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