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Retirement Plan Comparison Chart
Full Service 401k
Generally suitable for: Larger companies (100 or more employees) that want full-service bundled 401k plan.
Features and advantages include:
Generally suitable for: Larger companies (100 or more employees) that want full-service bundled 401k plan.
Features and advantages include:
Flexible range of plan design options
May be primarily employee funded
Pretax contribution advantages
May include employer contributions, subject to vesting schedules
Full range of investment options from leading fund families; company stock; self-managed accounts
Employee communications and education support
Small Business Retirement Plan (Connect k)
Generally suitable for: Smaller companies (less than 100 employees) that want 401k plan flexibility
Features and advantages include:
Affordable, easy to set up
May be primarily employee funded
Pretax contribution advantages
May include employer contributions or matching contributions, subject to vesting schedules
Flexible plan design, including loans
Wide range of investment options
Wachovia Pension Resources
Generally suitable for: Companies that want to provide guaranteed pension benefit
Features and advantages include:
Flexible range of plan design options
Employer funded, based on actuarial calculations
Bundled services, including plan consulting, actuarial and compliance services
Expert investment management and institutional options
Employee information, retirement modeling and communication support
Executive Retirement Plan
Generally suitable for: Organizations of any size that want to provide supplemental retirement benefits to key, highly compensated employees
Features and advantages include:
Contributions and benefits are not restricted by the IRS qualification limits
Broad investment and funding choices
Flexible plan design and consulting to meet strategic objectives
Profit Sharing Plan
Generally suitable for: Companies of any size that want the flexibility to change contributions annually and to focus employees on profits
Features and advantages include:
Employer funded, with choice of formulas, up to certain limits per employee
Deductible up to 15% of payroll
Flexibility in plan design includes vesting schedules and loans
Broad choice of investment options, including major fund families, company stock, and self-managed accounts
Money Purchase Plan
Generally suitable for: Companies that want to commit to the same percentage contribution each year
Features and advantages include:
Employer funded, at a fixed contribution rate, up to certain limits per employee
Deductible up to 25% of payroll
May allow for loans and vesting schedules
Taft-Hartley Plan
Generally suitable for: Unions that want to provide retirement benefits to members
Features and advantages include:
Employers contribute according to collective bargaining agreements
Investments may be directed by trustees or individual participants
Wide variety of investment options
Employee communication and education support, similar to 401k plans
403(B) and 457 Plans
Generally suitable for: Not-for-profit and government entities respectively, that want to provide retirement benefits through employee salary deferral
Features and advantages include:
Primarily employee funded, up to annual limits
Pretax contribution advantages
Employer may make matching or discretionary contributions
Flexible plan design, vesting schedules
Wide variety of investment options
Employee communications and education support, similar to 401k plans
Employee Stock Ownership Plan
Generally suitable for: Companies that want to provide shares of company stock to participating employees' retirement plans
Features and advantages include:
May be a stand-alone plan or incorporated into a 401k or other defined benefit plan
Provides a vehicle for employee incentive and corporate finance
Company can borrow to finance the stock purchase
May provide special tax advantages to company and employees
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