What kind of pension plan can I get for my company?
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What kind of pension plan can I get for my company?

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There are several types of pension plans you can consider for your company:

1. Defined Benefit Plan: This traditional type of pension plan promises the employee a specified monthly benefit at retirement, often calculated through a formula based on earnings history, tenure of service, and age.

2. Defined Contribution Plan: In this plan, the employer, employee or both make contributions on a regular basis. Examples include 401(k) plans, 403(b) plans, employee stock ownership plans, and profit-sharing plans.

3. Simplified Employee Pension Plan (SEP): This is a provision that allows an employer (typically a small business or self-employed individual) to make retirement plan contributions into a Traditional IRA established in the employee's name.

4. Savings Incentive Match Plan for Employees (SIMPLE): This is a type of tax-deferred retirement account that may be established by employers, including self-employed individuals.

5. Multi-Employer Plans (MEPs): These are retirement plans for businesses that typically have a common interest but are not related. They allow small businesses to pool resources and share the costs of retirement plan administration.

6. Profit-Sharing Plans: These are defined contribution plans that allow employers to make discretionary contributions for their employees.

Remember, each type of plan has its own rules and requirements, so it's important to consult with a financial advisor or tax professional to determine which plan is best for your company.

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