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- Rhonda Godwin

Advantages of a 401(k) Plan

A 401(k) retirement plan lets you and your employees contribute to a happy retirement and a secure future. These pre-tax retirement accounts have many advantages, and quickly are becoming the plans of choice for companies of all sizes. InvesTrust can help create the plan to fit your company’s individual needs.

Here are some of the benefits:

  • attract and retain qualified employees
  • tax advantages for both the employee and the employer
  • give owners and executives the same benefit opportunity as all employees
  • employees can share in the cost of the company's retirement plan
  • employees are more involved in saving for their futures
  • assist employees to accumulate their retirement funds faster than most other plan alternatives

Other Plans

403(b)

The 403(b) retirement plan is basically a standard 401(k) plan, but one that’s designed for public schools and non-profit organizations. Employee contributions to these plans are made on a pre-tax basis.

457

These retirement accounts act like 401(k)’s, but don’t penalize you for taking money out of the account before you turn 60 years old. Taking out money early comes with a 10 percent penalty in some other plans. 457 retirement plans are available to governmental employers and some non-governmental organizations.