Infinity Benefits & InfiniRisk Management will help you successfully manage every aspect of your firm’s retirement plan. As a business owner you’re likely looking to deliver the best possible opportunities for your plan participants. You want them to be worry-free and confident about their future when it comes to their retirement plans. We believe this confidence can be achieved through attention to four key areas: advice, investment cost, approach, and financial wellness. The era of expensive, impersonal, unguided retirement saving is over.
A 401(k) plan is a qualified plan established by employers to which eligible employees may make salary deferral (salary reduction) contributions on a post-tax and/or pretax basis. Employers offering a 401(k) plan may make matching or non-elective contributions to the plan on behalf of eligible employees and may also add a profit-sharing feature to the plan.
Contribution Calculations / Discrimination Compliance
Non-discrimination testing requires that employees of a certain status (highly compensated employees and key employees) stay within a specific contribution rate, as determined by the contribution rate of non-highly compensated employees.
A SIMPLE 401(k) plan is a cross between a SIMPLE IRA and traditional 401(k) plan and offers some features of both plans.
Simplified Employee Pension (SEP) plans can provide a significant source of income at retirement by allowing employers to set aside money in retirement accounts for themselves and their employees. Under a SEP, an employer contributes directly to traditional individual retirement accounts (SEP-IRAs) for all employees (including themselves).
A SIMPLE (Savings Incentive Match Plan for Employees of Small Employers) IRA plan offers great advantages for businesses that meet two basic criteria. A qualifying business must have 100 or fewer employees (who earned $5,000 or more during the preceding calendar year). In addition, your business cannot currently have another retirement plan. Compared to other types of retirement plans, SIMPLE IRA plans offer lower start-up and annual costs, and they are just simpler to operate.
Roth IRA is an individual retirement account that offers tax-free growth and tax-free withdrawals in retirement. Roth IRA rules dictate that as long as you've owned your account for 5 years and you're age 59½ or older, you can withdraw your money when you want to and you won't owe any federal taxes.
Contributions to a Roth IRA don't have to stop when you reach age 70½. You can put money in your account for as many years as you want, as long as you have earned income that qualifies.