Retirement Plan Clients
401(k) Retirement Plans
A 401(k) Retirement Plan is a defined contribution plan where an employee can make contributions from his or her paycheck either before or after-tax, depending on the options offered in the plan. The contributions go into a 401(k) account, with the employee often choosing the investments based on options provided under the plan. In some plans, the employer also makes contributions such as matching the employee’s contributions up to a certain percentage. SIMPLE and safe harbor 401(k) plans have mandatory employer contributions.
403(b) Education Plans
403(b) Education Plan is a retirement plan offered by public schools and certain tax-exempt organizations. An individual’s 403(b) annuity can be obtained only under an employer’s TSA plan. Generally, these annuities are funded by elective deferrals made under salary reduction agreements and nonelective employer contributions.
457 Governmental Plans
Plans of deferred compensation described in IRC section 457 are available for certain state and local governments and non-governmental entities tax-exempt under IRC Section 501. They can be either eligible plans under IRC 457(b) or ineligible plans under IRC 457(f). Plans eligible under 457(b) allow employees of sponsoring organizations to defer income taxation on retirement savings into future years. Ineligible plans may trigger different tax treatment under IRC 457(f).
Executive Benefit and Bonus Plans
At Northeast Retirement Plan Advisors, we focus our attention and efforts towards providing your employees the opportunity to save enough money to actually retire.