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401(k) and Profit Sharing Plans offer convenient and automatic retirement savings. They help employers attract quality employees and provide deductible business expenses.
Employer: Discretionary, up to 25% of employee's compensation or $58,000*, whichever is less
Employee: Roth or pre-tax 401(k) up $19,500*
Employees age 50+: Up to $19,500* plus $6,500* in catch-up contributions (if plan permits)
* Limits listed are for 2021. The IRS sets limits annually.
Deadline to Establish: Employer's tax filing deadline
Deadline to Establish Safe Harbor 401(k) only: Must be effective at least three months during the first play year, usually October 1
Eligible Employers: Almost any type of business
Participant Fee: $25 annual service fee deducted from each participant's account
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Complete the steps below to establish your plan. Call 1-800-345-3533 if you have questions or need help.
Step 1: Review the Plan Document. If you need plan documents, please contact us.
Step 2: Review and complete the required paperwork.
Step 3: Instruct Employees to Complete the Participant Investment Elections form and return their completed form to you. Make a copy for us.
Step 4: Return these forms to us:
By Fax: 1-888-327-1997
American Century Investments
PO Box 419385
Kansas City, MO 64141-6385
Step 5: Instruct Employees to designate beneficiaries. Have employees complete beneficiary forms and retain them for your records. Do not return to us.
Step 6: Review Purchase Guidelines and submit contributions.
Complete the Purchase Guidelines form and submit contributions.
Sign up for Plan Sponsor Access to submit contributions electronically through our secure website. Contact us at 1-800-345-3533 to get a user name and password.
Call us to speak to a Business & Retirement Specialist.
1 Contributions may only be based on the first $290,000 compensation, as adjusted. Combined employer and employee is limited to 100% of compensation or $58,000, whichever is less, excluding catch-up contributions.
2 Additional Plan Administrator responsibilities apply.
IRS Circular 230 Disclosure: American Century Companies, Inc. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with American Century Companies, Inc. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.
This information is for educational purposes only and is not intended as tax advice. Please consult your tax advisor for more detailed information or for advice regarding your individual situation.
This information is for educational purposes only and is not intended as a personalized recommendation or fiduciary advice. There are different options available for your retirement plan investments. You should consider all options before making a decision. Our representatives can help you evaluate all of your distribution options.
Diversification does not assure a profit nor does it protect against loss of principal.