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401(k) Plans

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SIMPLE IRA Plan vs. 401(k) Plan

Employers often ask which plan is better.  While there is no true right or wrong answer, one could make a strong case for a 401(k) plan.  Most employers gravitate towards the SIMPLE IRA plan due to its simplicity with minimal administrative responsibilities and low expenses.  However, if the employer is willing to make the extra effort and cover certain plan expenses, a 401(k) plan is the better solution for both the employer and employees. Contributions There is a significant difference in allowed