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401(k) Plans allow employees to invest in their retirement accounts, while also providing employers the ability to match a percentage of contributions. PlanPerfect is a premier 401(k) TPA and works with companies of all shapes and sizes.
A 401(k) Plan is an employer-sponsored plan that allows employees to make pre-tax contributions to their accounts. Plan contributions are made through payroll deductions. The maximum an employee can contribute to a 401(k) plan in 2019 is $19,000. This limit is adjusted each by the IRS and is often referred to as a “Cost of Living Adjustment.” Participants over the age of 50 can make “catch up” contributions to a 401(k). For 2019, the catch-up amount is $6,000 (in addition to the $19,000).
401(k) plans must satisfy strict IRS ratio and compliance testing. These tests ensure the Plan benefits all employees in a nondiscriminatory manner.
Finding the right 401(k) TPA is important for your business. PlanPerfect works with companies of all shapes and sizes. Explore our services and contact us today for a free consultation!