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It is known that retirement planning is one of the best ways to secure one’s future. 401(k) Plan is a type of retirement plan that is a future source of income and provides tax benefits in the present. It is an employer-sponsored savings fund. 401(k) Plan was created by Congress in 1986 for the betterment of employees so that they can save for retirement. Two versions of 401(k) Plan exist- the Roth 401(k) and the tax deferred 401(k). There exists three variations of tax deferred 401(k) – the traditional 401(k) is used by companies having large work forces. The SIMPLE 401(k) Plan is popular among businesses having employees fewer than 100 people. In Safe Harbor 401(k) Plan the employees own all the money contributed by their employer. The three 401(k) Plans have been explained in the following section of 401(k) Plans Related Tax Homework Help Online. 401(k) is a qualified plan that allows employer to contribute a portion of their employees’ wages to an individual account for their betterment. This plan can be a rural cooperative plan, stock bonus, profit sharing, etc. 401(k) Plans Related Tax Homework Help Online provides detailed information regarding different 401(k) plans available for employees and can be studied by referring the following section.
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Types of 401(k) Plans
Employers can avail benefits of different 401(k) Plans that include safe harbor 401(k) Plans, traditional 401(k) Plans and SIMPLE 401(k) Plans. The different 401(k) Plans explained in 401(k) Plans Related Tax Homework Help Online are given below
• Traditional 401(k) Plans – The employees eligible to participate in the plan are allowed to make pre-tax elective deferrals by the help of payroll deductions. Here the employees can contribute on behalf of other participants in order to match contributions based on employees’ elective deferrals. In order to meet specific nondiscrimination requirements, the employers perform annual tests- Actual Contribution Percentage (ACP) and Actual Deferral Percentage (ADP) tests. To know more about traditional 401(k), kindly refer 401(k) Plans Related Tax Homework Help Online.
• SIMPLE 401(k) Plans – SIMPLE 401(k) Plans helps small businesses to have an effective and cost-efficient way to offer retirement benefits to their employees. For more information on SIMPLE 401(k) Plans, students can refer 401(k) Plans Related Tax Homework Help Online where each and every topic has been discussed in a detailed manner.
• Safe Harbor 401(k) Plans – This type of 401(k) Plan is similar to a Traditional 401(k) Plan. Unlike Traditional 401(k) Plans, employees eligible for safe harbor 401(k) Plan do not have to participate in the complex annual nondiscrimination tests. Employers sponsoring safe harbor 401(k) plans have to satisfy certain notice requirements. The employer must provide notice within a predetermined period before each plan year. The traditional and safe harbor plans can be combined with other retirement plans. Restrictions on the conditions of participation can be studied in 401(k) Plans Related Tax Homework Help Online.
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