Employee Retirement Plans
BUSINESS AND CORPORATE ACCOUNTS
Whether you are self-employed or the owner of a small business, there is a wide range of retirement plans designed to meet your specific needs. All of these retirement plans can help you save money for retirement while potentially providing tax advantages.
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Whether you are self-employed or the owner of a small business, there is a wide range of retirement plans designed to meet your specific needs. All of these retirement plans can help you save money for retirement while potentially providing tax advantages.
SEP IRA | Self-Employed 401(k) | Simple IRA | Investment Only | 401(k) | |
---|---|---|---|---|---|
Who it's for | Self-employed individual or small business owner, including those with employees Available to sole proprietors, partnerships, C corporations, S corporations | Self-employed individual or business owner with no employees other than a spouse Available to sole proprietors, partnerships, C corporations, S corporations | Businesses with 100 or fewer employees and self-employed individuals Available to sole proprietors, partnerships, C corporations, S corporations | Businesses that want a full brokerage account for investing plan assets for their non-Galleon prototype retirement plan but do not require other plan services Galleon provides no plan documents, tax reporting or administrative services. | Any type of public or private company Generally most appropriate for companies with 20 or more employees Galleon does not typically offer new startup plans in this category |
Key advantages | Easy to set up and maintain Flexible annual funding requirements Wide range of investment choices | A 401(k) with potentially higher contribution limits than SEP IRA Wide range of investment choice | Salary deferral plan with less administration Electronic funding with customized contribution allocation for each participant Wide range of investment choice | Wide range of investment choice | Flexibility in plan design Plan administrative services, investment management, and participant education programs Wide range of mutual fund options |
Fees1 | No account fees and no minimum to open an account | No account fees and no minimum to open an account | No account fees and no minimum to open an account | No account fees and no minimum to open an account | Varies by plan |
Who can contribute | Funded solely by employer contributions | Funded by employee deferrals and employer contributions | Funded by employee deferrals and employer contributions | Varies by plan | Funded by employee deferrals and employer contributions |
2018 employee contribution limits2 | Not applicable | Up to $18,500 in salary deferrals; $24,500 if age 50 or older | Up to $12,500 in salary deferrals; $15,500 if age 50 or older | Varies by plan | Up to $18,500 in salary deferrals, or $24,500 if age 50 or older (limits may vary by plan) |
2019 employee contribution limits2 | Not applicable | Up to $19,000 in salary deferrals; $25,000 if age 50 or older | Up to $13,000 in salary deferrals; $16,000 if age 50 or older | Varies by plan | Up to $19,000 in salary deferrals, or $25,000 if age 50 or older (limits may vary by plan) |
2018 employer contribution limits | Up to 25% of compensation3 up to a maximum of $55,000 | Employers may contribute up to 25% of compensation3 up to a maximum of $55,000. Total employer/employee contributions cannot exceed $55,000. | Either match employee contributions up to 3% of compensation; can be reduced to 1% in any two out of five years or contribute 2% of each employee's compensation,3 up to $5,500 | Varies by plan | Employers may make a matching contribution or profit sharing contribution up to 25% of compensation up to a maximum of $55,000. Total employer/employee contributions cannot exceed $55,000. |
2019 employer contribution limits | Up to 25% of compensation3 up to a maximum of $56,000 | Employers may contribute up to 25% of compensation3 up to a maximum of $56,000. Total employer/employee contributions cannot exceed $56,000. | Either match employee contributions up to 3% of compensation; can be reduced to 1% in any two out of five years or contribute 2% of each employee's compensation,3 up to $5,600 | Varies by plan | Employers may make a matching contribution or profit sharing contribution up to 25% of compensation up to a maximum of $56,000. Total employer/employee contributions cannot exceed $56,000. |
Administrative responsibilities | No employer tax filings; employee notification for employer's contribution, if made | Annual Form 5500 filing after plan assets exceed $250,000; periodic plan amendments for legislative changes. | No employer tax filings; certain annual employee notifications must generally be made by Nov. 1. | Varies by plan | Form 5500 and special IRS testing to ensure plan does not favor highly compensated employees |
Access to assets4 | Withdraw at any time, but a 10% penalty may apply if you are under age 59½. | Cannot take withdrawals from the plan until a "trigger" event occurs, such as turning age 59½, disability, and/or plan termination | Withdraw at any time, but a 10% penalty may apply if you are under age 59½. If the withdrawal is taken within first two years of participation in the plan, that penalty increases to 25%. | Varies by plan | Loans may be available. Hardship withdrawals may be available but a 10% penalty may apply if you are under age 59½. Withdrawals can be taken upon a "trigger" event such as turning age 59½, disability, termination of employment, and/or plan termination. |
Plan setup deadlines | Establish by employer's tax filing deadline, plus extensions, usually April 15. | Establish by December 31 (or fiscal year-end). | Establish by October 1. | Varies by plan | Deadline is based upon the plan selection. Call 877-295-7662 to find out more about Galleon's 401(k) plans. |
How to open an account | Call a retirement representative at 800-832-8514. | Call a retirement representative at 800-832-8514. | Call a retirement representative at 800-832-8514. | Call a retirement representative at 800-832-8514. | Call a retirement representative at 800-832-8514 |
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May 5, 2019
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Key Facts and Highlights
Employee Retirement Plans
SUPPORT
Technology and admin support for both new and existing plans.
54%
Offering a retirement plan can increase in employee-retention.
CHOICES
Wide range of investment choices, depending on plan.
OPTIONS
SEP IRA, Self-Employed 401(k), 401(k), or investment-only.
Business Planning
Often the dreams of many, owning a business can be rewarding. However, managing your own business takes much more than hard work. You need a plan that addresses the needs of your business throughout every stage. As a business owner, you undoubtedly have specific financial priorities. Protecting your business interests means being prepared for the unexpected. To synchronize your personal and professional goals, we suggest you begin by drafting a one-page business succession plan.