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What are the different types of 401k plans?

There are several types of 401(k) plans available to employers - traditional 401(k) plans, safe harbor 401(k) plans and SIMPLE 401(k) plans.

Is a stock bonus plan a profit-sharing plan?

Answer: A profit sharing or stock bonus plan is a defined contribution plan under which the plan may provide, or the employer may determine, annually, how much will be contributed to the plan (out of profits or otherwise).

Is profit-sharing a good retirement plan?

Those age 50 and older are permitted to make up to another $3,500 in catch-up contributions. So, a profit-sharing plan can offer some notable advantages over other plans, and it can be set up as an add-on to a 401(k), making that plan the key hub for an employees retirement savings.

What are the disadvantages of installing a 401 K profit-sharing plan?

Unpredictability. One potential drawback to a 401(k) profit-sharing plan is the unpredictability of how much can be contributed each year, as it is based on the companys profits. Companies may not always be able to contribute the same or any amount at all, depending on their financial situation.

What are the pros and cons of profit-sharing?

The advantages of profit sharing plans are tax deferrals and the fact that they can be used as incentives for better performance. The disadvantage of profit sharing plans is that they are discretionary, meaning employer contributions are not mandatory or guaranteed.

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What is the difference between a 401k and a 401k profit-sharing plan?

401(k) The key difference between a profit sharing plan and a 401(k) plan is that only employers contribute to a profit sharing plan. If employees can also make pre-tax, salary-deferred contributions, then the plan is a 401(k).

Can I cash out my profit-sharing plan?

Some plans allow employees who have been participants for a certain number of years to withdraw a portion of their funds early. In many cases, cashing out a profit-sharing plan early is permissible for employees who are coping with unexpected expenses such as high medical bills or other forms of financial hardship.

What is a profit-sharing plan quizlet?

A profit sharing plan is a plan established and maintained by an employer to provide for the participation in profits by employees or their beneficiaries. It is primarily a plan of deferred compensation and thus tax deferral.

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