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What is one key advantage to an employer-sponsored retirement plan?

Employer-sponsored retirement plans are a way to save for retirement and come with many benefits. The plans reduce your taxable income, investments grow tax-deferred, and you can get free money through employer matching contributions.

What is a FICA alternative plan?

What is the FICA Alternative Plan? The FICA Alternative Plan allows employers to defer Social Security contributions for employees who would not otherwise be eligible for defined retirement plans for the purpose of purchasing a tax-sheltered annuity.

Can you rollover a FICA alternative plan?

You can do either a direct rollover or a 60-day rollover. If you do a direct rollover, the Plan will make the payment directly to your IRA or an employer plan. You should contact the IRA sponsor or the administrator of the employer plan for information on how to do a direct rollover.

What is a 3121 plan?

The plan is a type of 3121 retirement plan which substitutes the Social Security portion of the FICA tax requirement with a pre-tax contribution to a FICA Alternative account.

What is the 401a FICA alternative plan?

401(a) FICA Alternative Plan Employees are automatically enrolled and un-enrolled based on their salary plan status. Participants contribute 7.5% of their wages into a 401(a) investment account instead of paying social security payroll taxes.

How does FICA alternative plan work?

Eligible employees contribute a flat rate of 3.75% of each paycheck (below the 6.2% Social Security tax). Funds are contributed, pre-tax, so taxes are deferred until the money is distributed. How can I invest my money in the plan? Generally, the funds are placed in an investment that doesnt decrease in value.

What is the summary plan description for Erisa?

The Employee Retirement Income Security Act (ERISA) requires plan administrators to give to participants and beneficiaries a Summary Plan Description (SPD) describing their rights, benefits, and responsibilities under the plan in understandable language. The SPD includes such information as: Name and type of plan.

What is FICA alternative VOYA mandatory?

Mandatory Contributions As a FICA Alternative employee, you must contribute 7.5% of your gross compensation per pay period to the Plan. Your contributions are made on a tax deferred basis. This means that your contributions are not subject to federal or state income tax at the time they are made.

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What is one key advantage to an employer-sponsored retirement plan?

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Can you rollover a FICA alternative plan?

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What is the summary plan description for Erisa?

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Get the up-to-date 3121 Plan Overview-2024 now

Here's how it works

The best way to edit 3121 Plan Overview online

Complete this form in 5 minutes or less

Got questions?

What is one key advantage to an employer-sponsored retirement plan?

What is a FICA alternative plan?

Can you rollover a FICA alternative plan?

What is a 3121 plan?

What is the 401a FICA alternative plan?

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How does FICA alternative plan work?

What is the summary plan description for Erisa?

What is FICA alternative VOYA mandatory?

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