October 1 Safe Harbor Deadline Approaching


Actuaries and Employee Benefit Consultants
egps.com


We hope you are having a great summer and enjoying some time off!

Of course taxes don’t take the summer off, and it’s already July! If you have business owner clients who need to reduce their current year taxable income and save for retirement, now is the ideal time to evaluate their retirement plan options for 2017.
The deadline to establish a safe harbor 401(k) plan is October 1st, 2017. These plans provide significant benefits to business owners and their key staff members:
  • A safe harbor 401(k) allows business owners to make the maximum 401(k) contribution this year ($18,000 or $24,000 if age 50+).
  • Safe harbor company contributions can be either a flat 3% contribution to eligible employees, or a matching contribution of up to 4% of pay.
  • The plan may allow for additional profit sharing or matching contributions that can benefit business owners, often at little to no additional employee cost.
  • These plans can be paired with cash balance/defined benefit plans for even larger tax-deductible contributions, if desired.
Please contact us if we can help you help your clients reduce their tax bill and accumulate wealth for the future. We look forward to an opportunity to work with you!
Contact
egps.com 888.959.3477


Copyright © 2017 EGPS, All rights reserved.

Mobile, AL ∙ New Orleans, LA ∙ New York, NY ∙ Orange County, CA ∙ San Diego, CA

Related Posts

Sticky Post

National Career Development Month is Here! What’s it REALLY like to work for EGPS?

At EGPS, our greatest asset is our people. We have an amazing team of retirement plan professionals, from Enrolled Actuaries...
Sticky Post

Step by Step: Automatic Retirement Plan Features

Depending on your age, Step by Step by New Kids on the Block might be stuck in your head right...