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Wells Fargo Advisors offers a full suite of retirement plans to support your business. Compare our plans, or call one of our experienced financial professionals at 1-877-493-4727.
| Plan Features | SEP IRA (Simplified Employee Pension IRA)
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SIMPLE (Savings Incentive Match Plan for Employees) IRA
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401(k) Plans
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Profit Sharing Plans
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| Overview
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Small business owners can make tax-deductible contributions with this flexible plan. If you have employees, you will most likely be required to contribute for them.
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Offer a salary deferral plan for your employees easily and affordably.
Offer a salary deferral plan minus the cost or administrative responsibilities associated with traditional 401(k) plans. |
A flexible plan offering the highest level of employee pre-tax and Roth contributions, a wide range of employer contribution options, and an optional loan provision. Businesses employing only the business owner may benefit from establishing an Individual 401(k)
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Flexible plans with various contribution options designed to reward long-term employees with tax-deferred growth — including an optional loan provision.
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| Well-suited for:
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Self-employed individuals and small business owners with a few employees
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Businesses with 100 or fewer employees who received at least $5,000 in compensation the previous year
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A business of any size
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A business of any size
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| Employee Pre-tax Contributions | No salary deferral contributions permitted
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Yes
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Yes
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No salary deferral contributions permitted unless there is a 401(k) provision in the plan |
| Employer Contributions
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Yes
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Yes
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Yes
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Yes
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| Deductible Contributions
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Yes
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Yes
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Yes
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Yes
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| A variety of investment options
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Yes
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Yes
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Most commonly use mutual funds
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Yes
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| Pre 59 1/2 additional tax
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10%
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25% in the first two years; 10% thereafter
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10%
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10%
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| Maximum Contribution Percentage allowed annually
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Up to 25%
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Employer (required): Either dollar-for-dollar matching up to 3% or 2% to all eligible employees. Beginning in 2024, an optional, additional employer contribution may be made if uniform and does not exceed the lesser of 10% of compensation or $5,000 (indexed for inflation)
Employee: Up to $15,500 of pay (not including catch-up)
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Employer: Profit sharing and match: Up to 25% Employee: Up to $22,500 of pay (not including catch-up)
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Up to 25% |
Call us at 1-877-493-4727
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