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Information on 401(k) plans.

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401(k) Plans Basics

The way workers save for retirement changed with the introduction of 401(k) retirement plans, which shifted the focus from traditional pension fund retirement plans. The Internal Revenue Service puts limits on the amount an employee can deposit in the plan.

401(k) Plans Industry Overview

The 401k plan grew from a little known tax code loophole--which is where the 401k name came from--to the most common way workers invest for their retirement. This industry possesses trillions of dollars in allocated 401k retirement plan contributions.

401(k) - Wikipedia, the free encyclopedia

These plans are all established under section 401(a) of the Internal Revenue .... additional contributions to the 401k, are made with after-tax funds but they do ...

401(k) Plans

A 401(k) is a feature of a qualified profit-sharing plan that allows employees to contribute a portion ... See the 401(k) Resource Guide for details on 401(k) plans.

How 401(k) Plans Work - HowStuffWorks

401(k) plans make saving for the golden years a lot easier than it used to be. ... Must be 401K plan is most popular plan among people as far as retirement is ...

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Access your 401(k) account and get comprehensive information about retirement planning, including rollovers, saving, and investing for retirement.

401(k) Retirement Plans | Retirement Savings Plans from ...

Start preparing for your financial future with a retirement savings plan from Nationwide Financial. Find answers to 401(k) plan questions with our helpful online ...

401(k) Plan Definition | Investopedia

A qualified plan established by employers to which eligible employees may make salary deferral ... TAGS: 401K Life Stage - Retirement Retirement Saving Plan ...

The Basics Of A 401(k) Retirement Plan - Investopedia

Since its inception in 1978, the 401(k) plan has grown to be the most popular type of employer sponsored retirement plan in America. Millions of workers depend ...

401(k) Plans For Small Businesses - US Department of Labor

401(k) plans can be a powerful tool in promoting financial security in retirement. They are a valuable option for businesses considering a retirement plan, ...

What is a 401(k) plan? - Practical Money Skills

Many employers sponsor a retirement savings plan for their employees. Under these plans, also commonly known as defined contribution plans, you can save ...

My K Plan

On this Site, you will be able to access certain information relating to retirement plans generally, the Plan(s) and your Plan account(s) and participate in certain ...

401(k) Plans for Small Business

One of the most powerful perks you can offer your employees is a pension plan, and one of the most popular types is the 401(k). Named after an IRS code section, the 401(k) allows your employees to fund their own retirement through pre-tax contributions. If you can afford it, you can provide matching contributions. Both you and your employees get a tax break for contributing. A good 401(k) plan can:

  1. Help you attract top talent.
  2. Allow employees a large measure of control over their retirement plans.
  3. Give employees the option of participating or not.
  4. Provide your employees a retirement plan at far less cost to you than a traditional pension.

Decide what type of 401(k) you will use


The cheapest is a plan in which you don't match your employees' contributions. If you choose to contribute, you need to decide how much and in what fashion. You can contribute a set percentage along with your employees. You can make your contribution a bonus paid annually. You can use the contribution as part of a profit-sharing program. Whatever method you choose, participation by your employees needs to be voluntary.

Get familiar with plan providers


It's important to gain an understanding of the 401(k) industry. Because 401(k) plans are complex, most companies hire a plan administrator to run their programs. Banks, brokerage houses and other financial services companies offer 401(k) plan services. But even the biggest banks typically use another outside vendor. You can buy directly from some of the same vendors. In addition, some offer more hands-on 401(k) software, usually at reduced costs. 

Compare plan options and providers


When shopping for a plan, compare both prices and services. If you have only a few employees, you probably don't need an expensive plan with lots of options. You want to make sure the plan is both affordable and adequate for your needs. If you decide to use a self-run software plan, you should take it for a test drive to be sure you're comfortable running it.

Know what you're getting before you buy


There's lots of fine print in even the most basic 401(k) plan. Make sure you understand what you're getting and how much it will cost before you buy. Starting over can be a real headache.

  • Even do-it-yourself software plans should offer help lines and backup assistance in managing your plan.
  • Watch out for hidden costs and fees, particularly investment transaction fees that can eat into your employees' savings.
  • Ask other small business owners and your own accountants and lawyers for recommendations on 401(k) plans. Your best advice might come from someone you already know or work with.
  • Don't forget about your own retirement. You can participate in your company 401(k). Even if you don't currently have employees, you can set up a 401(k) for yourself.
For more information about choosing the right 401(k) plan, visit out guide pages: "401(k) Plans Basics" and "401(k) Plans Key Terms."

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