Single(k) Plans
Single(k) plans are one of the most popular types of retirement plans for owner only entities. These plans provide the contribution limits of a traditional 401(k) at the fraction of the normal administrative cost. Below is a brief summary of the plan features:
| Type of Company | Owner Only Entity |
|---|---|
| Establish Deadline | Tax Filing Plus Extension |
| Max EE Deferral 2024 | $23,000 or $30,500 (over 50) |
| Max ER Contribution 2024 | $46,000 |
| Annual Admin Cost | $100 - $600 |
| Loan Feature Available | 50% of Balance |
Unlike SEP IRA’s, these plans have an employee deferral feature which provides the owner with the option to make employee deferrals up to the lesser of max hard dollar limit for the year or 100% of net earning income or W2 wages from the entity. Since these plans are qualified plans, they provide the same ERISA protection as traditional 401(k) plans. These plans offer a lot of flexibility both from a plan design standpoint and an investment standpoint. We have a number of unique tax savings strategies that we help clients utilize through the use of these Single(k) plans.
Welcome To Our Virtual Retirement Plan Services
For companies located outside of the Capital Region, we designed a virtual employer sponsored retirement plan platform that allows us to offer our clients:
- Easy Plan Setup
- Plans Consulting
- Low Fees
- Flexible Investments
- No Call Centers
- Employee Education (if applicable)
- Retirement Planning
- Video Conferencing For Review Meetings
Contact Us . . .
All of our services start with a complimentary consult. We can assist you in determining which plan is the right fit for your company.