A certain employer wants to incorporate a new plan to attract and retain talented employees. They...
A certain employer wants to incorporate a new plan to attract
and retain talented employees. They want a plan that
will:
- Encourage the employees to be involved in saving for their own retirement.
- Enable the business owner's to access their personal plan assets for a short term loan, if needed.
- Not be required to include part-time employees.
Which plan type is best for them?
Profit Sharing Plan
401(k)
ESOP
SIMPLE
Homework Answers
The best plan type is 401(k).
Employer-sponsored savings plans such as 401(k) plan lets employees save for retirement and provides benefits by tax breaks. It acts as opportunity for the employers to recruit and retain valuable employees.
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A certain employer wants to incorporate a new plan to attract
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