Compare Retirement Plans
Compare Retirement Plans
When it’s time to choose an employee retirement plan, you need to get it right the first time. Use this information to compare retirement plans, and contact us if you need some guidance.
401(k) Plan 401 Employer Sponsored Plan | Self-Employed 401(k) Individual 401(k) Plan | SEP IRA Simplified Employee Pension Plan | SIMPLE IRA Savings Incentive Match Plan | PDBP Personal Defined Benefit Plan | CRA Company Retirement Account |
|
---|---|---|---|---|---|---|
Number of Employees (including owners) | 2+ | 1 (+ spouse) | 1 - 4 | 1 -100 | ||
Who can contribute? | ||||||
Owner | ✓ | ✓ | ✓ | ✓ | ||
Employee | ✓ | ✓ | ✓ | |||
Contributions | ||||||
Electronic | ✓ | ✓ | ✓ | ✓ | ||
Employer | up to 25% of salary | up to 25% of salary | up to 3% match or 2% non-elective contribution7 | |||
Employee | up to 23k / 30.5k | N/A | up to 16k/19.5kx | |||
Max amount | 69k/76.5kx | 69kx | varies | |||
Withdrawals | ||||||
Once a triggering event has been reached (10% penalty may apply) | Anytime (10% penalty may apply) | Anytime (10% or 25% penalty may apply) | ||||
Tax credits & Fees | ||||||
Account fees | No account fees or minimums to open an account | No account fees or minimums to open an account | No account fees or minimums to open an account | |||
Tax credits | N/A | ✓ | ✓ |
Eligibility
Tax Benefits
Who contributes
Contribution amounts
Contributions amounts are determined by the IRS. See Retirement Topics – 401(k) and Profit-Sharing Plan Contribution Limits for current information.
Withdrawals
Fees
Contributions limits for
Employers may contribute up to 25% of compensation, up to a maximum of $61,000 in
Employees may contribute up to $22,500 for ($27,000 if 50 or older)
The total employer and employee contributions cannot exceed $61,000 in
Investment Options
A wide range of mutual funds, stocks, bonds, ETFs, and more.
Eligibility
Tax Benefits
Who contributes
Contribution amounts
Withdrawals
Fees
Monthly service fees: $0
$0 account open or maintenance fees
Commissions: $0 per online listed equity trades
Other account fees, fund expenses, and brokerage commissions may apply
Advisory fees:
Global Advisers charges an annual management fee.
Contributions limits for
Determined by your existing plan.
Investment Options
Full range of investment options.
Eligibility
If you are self-employed or own a business with 100 or fewer employees, you are eligible to establish a SIMPLE IRA plan, as long as it is the only retirement plan you fund. Companies maintaining another employer-sponsored retirement plan in the same year are not eligible. You must generally include all employees age 21 and over if they received at least $5,000 in compensation during any two prior years and if you reasonably expect that they will receive at least $5,000 in the current year.
Tax Benefits
Who contributes
Contribution amounts
Employer:
Mandatory match or non-elective contribution. Mandatory 3% matching contribution or 2% non-elective contribution.
Participants:
Funded by employer contributions.
Withdrawals
Fees
Administrative responsibilities
Deadlines
Matching contributions are due no later than the due date for filing your business’s income tax return including extension.
How to make contributions
Contributions limits for
Participants may contribute up to 100% of compensation with a maximum of $14,000 for ($17,000 if 50 or older)
Employer contributes either a matching or a non-elective contribution
Investment Options
A wide range of mutual funds, stocks, bonds, ETFs, and FDIC-insured CDs.
Only certain fund families have mutual funds that are eligible investments for SIMPLE IRAs with no minimum initial investment requirement.
Eligibility
Tax Benefits
Who contributes
Contribution amounts
Withdrawals
Fees
Administrative responsibilities
Deadlines
How to make contributions
Contributions limits for
Flexible annual funding requirements
Employers may contribute between 0% and 25% of compensation up to a maximum of $58,000 for and $61,000 for
Eligible employees must receive the same percentage.
Investment Options
A wide range of mutual funds, stocks, bonds, ETFs, and FDIC-insured CDs.
Eligibility
Tax Benefits
Who contributes
Contribution amounts
Contributions amounts are determined by the IRS. See Retirement Topics – 401(k) and Profit-Sharing Plan Contribution Limits for current information.
Withdrawals
Fees
Administrative responsibilities
Deadlines
Contributions limits for
Maximum combined contribution, including salary deferral, cannot exceed $58,000 for tax year (or $64,500 if age 50 or over); $61,000 for tax year 2022 (or $67,500 if age 50 or older)
Make profit-sharing contributions up to 20% of your self-employment income, up to a maximum of $58,000 for 2021 and $61,000 in .
Make a pre-tax salary deferral up to $19,500 for 2021 and $20,500 for (or $26,000 for 2021 and $27,000 for if age 50 or older).
Investment Options
A wide range of mutual funds, stocks, bonds, ETFs, and more.
Eligibility
Tax Benefits
Who contributes
Contribution amounts
Withdrawals
There are certain circumstances in which you may be eligible to withdraw funds before age 59½ without taking a 10% penalty. Contact us at 1-844-GALLEON to learn more.
Fees
Monthly service fees: $0
$0 maintenance fees
Annual services fees apply
Commissions: $0 per online listed equity trades
Other account fees, fund expenses, and brokerage commissions may apply
Fees may be a deductible business expense in the year they are paid.
Without submission to the IRS: $1,500, plus $250 for each participant in excess of two
With submission to the IRS: $3,000 to $3,750, plus applicable IRS filing fee, currently $3,000. The IRS reserves the right to change the filing fee at any time.
PBGC-covered plans: $400 for a request to remove coverage only; $800 for PBGC standard termination
Advisory fees:
Global Advisers charges an annual management fee.
Contributions limits for
Funded with employer contributions only. Must be funded annually.
Annual contribution levels are calculated based on age, compensation, and expected retirement age.
Plan contributions are adjusted each year and may be amended (for additional fees) if the desired contribution level needs to be revised.
Investment Options
Stocks, bonds, mutual funds, exchange-traded funds (ETFs), and certificates of deposit (CDs).
Call
800-832-8514
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