401k and Profit Sharing Plans
A 401(k) plan is an arrangement between your company and your employees that helps them save for retirement. 401(k) plans can be set up in a variety of ways, but the basic concept allows employee to choose between taking their compensation in cash or deferring a percentage of it to a 401(k).
A Profit Sharing Plan is usually another part of a 401 (k) plan. However, in a Profit Sharing Plan, employees do not make their own contributions. Instead, your company makes a contribution to the plan on behalf of the employee.
Contact us today to learn more about 401k and profit sharing plans.
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