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Published on May 9
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What is a new comparability 401k plan?
Most small businesses want to maximize owner contributions up to the legal limit, sometimes the most cost efficient way is to use a new comparability profit sharing allocation formula.
New comparability plans are one kind of profit sharing plan, and while they aren’t for everyone, they may be beneficial for some plan sponsors.
No one wants to spend too much time setting up a 401k plan, but you certainly don’t want to take any shortcuts. Doing so could lose your company tens of thousands of dollars annually in plan contributions.
Read more about comparability 401k plans in Eric Droblyen’s article: New Comparability 401(k) Plans – Are They Right for Your Small Business? on the Employee Fiduciary Blog, and learn more about Sheakley’s retirement and 401k service options for your business.
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