A Strongpoint Partner
TYPES OF PLANS
RPA's experience and knowledge extends across the entire spectrum of today's retirement plans. Whether you are starting a new plan or have a large, established program already, we have the expertise and resources to support all your retirement plan needs.
401(k) Plan
Who can sponsor this plan?
Any non-governmental employer
Contributions
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Employee Deferrals
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Employee Roth
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Employer optional
Maximum Annual Contributions
-
Employee: $16,500
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Employee & Employer combined: $49,000 not to exceed 100% of pay
-
Total employer contributions cannot exceed 25% of eligible compensation
Catch-up Contributions
$5,500 Employee Contribution
Employer Contribution Vesting
Can be subject up to a 6-year graded or 3-year cliff schedule
Withdrawals
-
Generally at termination of employment, retirement, death, disability
-
Hardship and In-Service withdrawals optional
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10% penalty for withdrawals prior to age 59½
Loans Permitted Rollovers
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To/From any qualified retirement plan
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To/From traditional IRA
Annual Compliance Requirements
-
Non-discrimination testing
-
IRS Form 5500
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Annual participant disclosure(s) (SAR, auto-enrollment)
-
CPA audit for plan of 100+ participants
403(b) Plan
Who can sponsor this plan?
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501(c)(3) non profits
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Public education employers
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Gov’t related hospitals
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Churches
Contributions
-
Employee Deferrals
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Employee Roth
-
Employer optional
Maximum Annual Contributions
-
Employee: $16,500
-
Employee & Employer combined: $49,000 not to exceed 100% of pay
-
Total employer contributions cannot exceed 25% of eligible compensation
Catch-up Contributions
-
$5,500 Employee Contribution
-
Special catch-up for certain employers
Employer Contribution Vesting
Can be subject up to a 6-year graded or 3-year cliff schedule
Withdrawals
-
Generally at termination of employment, retirement, death, disability
-
Hardship and In-Service withdrawals optional
-
10% penalty for withdrawals prior to age 59½
Loans Permitted Rollovers
-
To/From any qualified retirement plan
-
To/From traditional IRA
Annual Compliance Requirements
-
Non-discrimination testing
-
IRS Form 5500
-
Annual participant disclosure(s) (SAR, auto-enrollment)
-
CPA audit for plan of 100+ participants
401(a) Profit Sharing Plan
Who can sponsor this plan?
Any non-governmental employer
Contributions
Employer contributions
Maximum Annual Contributions
-
$49,000 not to exceed 100% of pay
-
Total employer contributions cannot exceed 25% of eligible compensation
Catch-up Contributions
Not applicable
Withdrawals
-
Generally at termination of employment, retirement, death, disability
-
Hardship and In-Service withdrawals optional
-
10% penalty for withdrawals prior to age 59½
Loans Permitted Rollovers
-
To/From any qualified retirement plan
-
To/From traditional IRA
Annual Compliance Requirements
-
Non-discrimination testing
-
IRS Form 5500
-
Annual participant disclosure(s) (SAR, auto-enrollment)
-
CPA audit for plan of 100+ participants
Comments
Usually used by gov’t contractors to hold SCA/Davis Bacon contributions to avoid top-heavy complications in their 401(k) plan
457(b) Governmental Plan
Who can sponsor this plan?
State and local governments
Contributions
-
Employee Deferrals
-
Employee Roth
-
Employer optional
Maximum Annual Contributions
-
Employee: $16,500
-
Employee & Employer combined: $16,500
Catch-up Contributions
-
$5,500 Employee Contribution
-
Special catch-up near retirement
Employer Contribution Vesting
Can be subject up to a 6-year graded or 3-year cliff schedule
Withdrawals
-
Generally at termination of employment, retirement, death, disability
-
Hardship and In-Service withdrawals optional
-
No 10% penalty
Loans Permitted Rollovers
-
To/From any qualified retirement plan
-
To/From traditional IRA
-
10% penalty applies to withdrawals of non-gov’t rollovers
Annual Compliance Requirements
Annual participant disclosure(s) (auto-enrollment)
Defined Benefit Plan
Who can sponsor this plan?
Any employer
Contributions
Employer contributions
Maximum Annual Contributions
As actuarially determined
Catch-up Contributions
Not applicable
Employer Contribution Vesting
Can be subject up to a 6-year graded or 3-year cliff schedule
Withdrawals
-
Generally at termination of employment, retirement, death, disability
-
Hardship and In-Service withdrawals optional
-
10% penalty for withdrawals prior to age 59½
Loans Permitted Rollovers
-
To/From any qualified retirement plan
-
To/From traditional IRA
Annual Compliance Requirements
-
Non-discrimination testing
-
IRS Form 5500
-
Annual participant disclosure(s)
-
CPA audit for plan of 100+ participants
-
PGBC filing may be required
Comments
Contributions are required
Cash Balance Plan
Who can sponsor this plan?
Any employer
Contributions
Employer contributions
Maximum Annual Contributions
As actuarially determined
Catch-up Contributions
Not applicable
Employer Contribution Vesting
Can be subject up to a 3-year cliff schedule
Withdrawals
-
Generally at termination of employment, retirement, death, disability
-
Hardship and In-Service withdrawals optional
-
10% penalty for withdrawals prior to age 59½
Loans Permitted Rollovers
-
To/From any qualified retirement plan
-
To/From traditional IRA
Annual Compliance Requirements
-
Non-discrimination testing
-
IRS Form 5500
-
Annual participant disclosure(s)
-
CPA audit for plan of 100+ participants
-
PGBC filing may be required
Comments
-
Normally used in conjunction with profit sharing contributions
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Typically only owners and key executives receive contributions
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Contributions are required
457(b) Non-Profit Plan
Who can sponsor this plan?
Any tax-exempt employer
Contributions
-
Employee Deferrals
-
Employer optional
Maximum Annual Contributions
-
Employee: $16,500
-
Employee & Employer combined: $16,500
Catch-up Contributions
Special catch-up near retirement
Employer Contribution Vesting
All contributions are subject to creditors
Withdrawals
-
Generally at termination of employment, retirement, death, disability
-
Unforeseen emergency withdrawals optional
Loans No Rollovers
Only to another tax-exempt employer 457(b) plan
Annual Compliance Requirements
Not Applicable
Comments
Only select management or highly compensated employees are eligible
Money Purchase Plan
Who can sponsor this plan?
Any employer
Contributions
Employer Contributions
Maximum Annual Contributions
-
$49,000 not to exceed 100% of pay
-
Total employer contributions cannot exceed 25% of eligible compensation
Catch-up Contributions
Not Applicable
Employer Contribution Vesting
Can be subject up to a 6-year graded or 3-year cliff schedule
Withdrawals
-
Generally at termination of employment, retirement, death, disability
-
In-Service withdrawals optional
-
10% penalty for withdrawals prior to age 59½
Loans No Rollovers
-
To/From any qualified retirement plan
-
To/From traditional IRA
Annual Compliance Requirements
-
Non-discrimination testing
-
IRS Form 5500
-
Annual participant disclosure(s)
-
CPA audit for plan of 100+ participants
Comments
-
Most money purchase plans were phased out in the early 2000′s due to elimination of combined contribution limits
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Contributions are required
SIMPLE 401(k) Plan
Who can sponsor this plan?
Any for-profit non-governmental employer
Contributions
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Employee Deferrals
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Employee Roth
-
Employer optional
Maximum Annual Contributions
-
Employee: $11,500
-
Employer: $4,800
Catch-up Contributions
$2,500 Employee Contribution
Employer Contribution Vesting
100% vested
Withdrawals
-
Generally at termination of employment, retirement, death, disability
-
In-Service withdrawals optional
-
10% penalty for withdrawals prior to age 59½
Loans No Rollovers
-
To/From any qualified retirement plan
-
To/From traditional IRA
Annual Compliance Requirements
-
IRS Form 5500
-
Annual participant disclosure(s) (SAR, auto-enrollment)
Comments
-
Employer contributions are required
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Only employers with under 100 employees can sponsor this plan