401K Plan

A 401(k) Profit Sharing plan allows for the employer and employees to save for retirement by allowing participants to contribute to the plan on a pre-tax basis. This allows for a reduction in taxable income reducing your taxes. The money contributed to the plan grows tax free until it is taken out. Employers may also contribute on an employee’s behalf through an employer match, safe harbor contribution, or profit sharing contribution increasing the amount that can be contributed to a 401K plan. To see how you and/or your employees can benefit from a 401K plan Click Here.

Defined Benefit

A Defined Benefit plan allows for the employer to contribute money to fund a specific amount of income at retirement. A defined benefit plan is commonly referred to as a pension. The amount of money that can be contributed to a defined benefit plan is usually much larger than a 401K plan. To see how you and/or your employees can benefit from a defined benefit plan Click Here.

Combo Plan

A Combo Plan basically links a 401K plan to a defined benefit plan. The 401(k) plan allows for the employer and employees to save for retirement by allowing participants to contribute to the plan on a pre-tax basis. This allows for a reduction in taxable income reducing your taxes. The money contributed to the plan grows tax free until it is taken out. Employers may also contribute on an employee’s behalf through an employer match, safe harbor contribution, or profit sharing contribution. The defined benefit plan allows for the employer to contribute money to fund a set amount of retirement income. A defined benefit plan is commonly referred to as a pension. The amount of money that can be contributed to a combo plan is usually much larger than a 401K plan or defined benefit plan alone. To see how you and/or your employees can benefit from a defined benefit plan Click Here.

The FMB Blog

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