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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
As a small business owner, you recognize the need to recruit and retain talent. While good wages and health insurance typically are the most important benefits for workers, business owners shouldn’t discount the advantages of helping their employees save for the future.
1. SIMPLE (Savings Incentive Match Plans for Employees) IRA or 401(k) are limited to businesses with 100 or fewer employees. Employers make non-elective contributions of 2% of compensation to each eligible employee; or match individual contributions up to 3% of compensation. The plan is easy and inexpensive to set up and operate and has no filing requirement.
2. SEP (Simplified Employee Pension Plans) are available to any size business to set aside money in retirement accounts for the owner and employees. The business owner contributes up to 25% of compensation to a SEP IRA. Employee contributions are not allowed. The plan is easy to set up and operate and administrative costs are low. There are no filing requirements, and annual contribution amounts are flexible.
3. 401(k) Plans enable employees to contribute a portion of their wages to individual accounts. Salary deferrals are excluded from taxable income (with the exception of designated Roth deferrals, which are made after tax). Employers can contribute to employees’ accounts. The employer must file paperwork every year to show the plan is in compliance with IRS regulations.
GE 5994912.1 (10/23) (10/25)
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Securities offered through Equitable Advisors, LLC (NY,NY (212) 314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN). Investment advisory products and services offered through Equitable Advisors, LLC, an SEC-registered investment advisor. Annuity and insurance products offered through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC; in Utah as Equitable Network Insurance Agency of Utah, LLC; and in PR as Equitable Network of Puerto Rico, Inc. Equitable Advisors and Equitable Network are affiliated companies and do not provide tax or legal advice.
R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. Equitable Advisors and Equitable Network are brand names for Equitable Advisors, LLC and Equitable Network, LLC, respectively.
GE-4833845.1 (7/22)(Exp. 7/24)
CFP® and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc.
These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
R.I.C.H. Planning Group, LLC and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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