Without question, 401(k) plans have grown to become the most popular retirement plan in the United States, along with being the most essential aspect of an employee benefit package. A 401(k) plan is a tax-sheltered vehicle for an employee to contribute to their retirement savings program and possibly achieve their personal retirement objectives. The employee has the opportunity to contribute to the plan while reducing current state and federal income taxes. 401(k) plans can stand-alone or be a feature of a profit sharing plan. If adopted as part of a profit sharing plan, the employer may make discretionary contributions on an annual basis.

Contribution Limits