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Retirement Plans for Small Businesses

Employer-sponsored retirement plans that are ideally suited for business with 1 to 100 employees

Net business income (NBI)

Definition The amount of income from self-employment  income after ordinary and necessary business expenses. The net business income is the amount  on which the self-employed

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Profit sharing plan

Definition An employer-sponsored  qualified-retirement-plan, established by an employer for the benefit of its employees and their beneficiaries. Profit sharing plans are defined contribution plans,  funded

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Prototype Plan

Definition A plan that is made available by a prototype sponsor for adoption by employers and under which a separate funding medium is established for

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SBO 401(k)

Definition A Small Business Owner 401(k) ( SBO 401(k) ), is a 401(k) plan established by a businesses for which only owners are the business

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Definition Salary Reduction Simplified Employee Pension Plan (SARSEP or SAR-SEP) A simple employee pension plan (SEP), to which employees may make salary deferral contributions. Definition

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Safe Harbor 401(k) Plan

Definition 401(k) plans that make contributions in accordance with a safe-harbor formula, resulting in the plan not being subject to the ACP and ADP nondiscrimination

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SIMPLE IRA 2-year rule

Definition 2-year restriction placed on transfers, rollovers and conversions of SIMPLE IRA assets. Under this restriction, SIMPLE IRA assets are ineligible to be transferred, rolled

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IRA Rules