retirement plans & services
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• 401K PLANS
• EXECUTIVE BONUS
• SIMPLIFIED EMPLOYEE PENSION (SEP)
• ONE-PERSON DEFINED BENEFIT PLAN
• BUSINESS TRANSFERS

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• SAVINGS INCENTIVE MATCH PLAN FOR EMPLOYEES
• PENSION PLANS
• SOLE PROPRIETOR 401K
• 403B & 457 PLANS
• PASS OFF ESTATE PLANNING
• KEYBUY

​Business retirement plans 101
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Features	Individual 401K	SEP IRA	One-person plan	SIMPLE IRA
Primary Feature	Higher contribution limits with minimal administration.	No reporting requirements with minimal administration.	Potentially substantially higher contributions allowed than other retirement plans, especially at older age.	Employees can contribute to their own retirement savings.
Who contributes?	Employee: contributions via salary reduction ​Employer: discretionary annual contributions.	Employee: none ​Employer: discretionary annual contributions.	Employee: none Employer: mandatory annual contributions.	Employee: contributions via salary reductions ​Employer: mandatory annual contributions.
Setup and Administration	Establish with a third party administrator; IRS form 5500 may be required.	Establish with IRS Form 5305-SEP; no annual filing required.	Establish with a third party administrator; IRS Form 5500 may be required.	Establish with IRS Form 5304-SIMPLE; no annual filing required.
2020 contribution limits	Employer contributions up to 25% of compensation and employee salary deferrals of up to $19,500 ($26,000 for employees age 50+). Total plan contributions per participant cannot exceed $57,000 ($63,000 if age 50+).	Employer contribution of up to 25% of compensation for each participate, not to exceed $57,000.	Contribution determined annually by an actuary. Contact us for details.	Employee can make an elective deferral of up to $13,500 ($16,500 for employees age 50+), limited to 100% of compensation Employer must generally make either 3%-of-compensation match to the employees who contribute, or 2%-of-compensation non-elective contribution to all eligible employees whether they contribute or not.
Minimum employee coverage requirements	Generally, must be available to owners and spouses who work at least 1,000 hours per year. Business cannot adopt an individual 401K plan if there are any full-time employees other than the owners and spouses.	Generally, must be available to all employees who are at least 21 years old and have worked for the employer for three of the last 5 years AND have earned income of $600 (for 2020).	Generally must be available to all employees who are at least 21 years old and work at least 1,000 hours per year.	Generally, must be available to all employees who have compensation from the employer of at least $5,000 in any prior two years and are reasonably expected to earn at least $5,000 in the current year.
Deadline for establishing the plan	December 31, or fiscal year end.	Business tax filing deadline (including extensions), or personal tax filing deadline for sole proprietor (including extensions).	December 31, or fiscal year end.	October 1

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