Maximum deferral ($22,500 plus $7,500 for over age 50 for 2023). Employer contribution not required. Company Match / Profit Sharing can be subject to vesting. Eligibility to one year wait + age 21. Loans are allowed. Subject to non-discrimination tests. Additional employer contributions allowed.
Participants can defer maximum deferral amount with minimal testing. Maximum deferral ($22,500 + $7,500 for over age 50 for 2023). Must make either 3% company contribution to all eligible; or 100% match of participant deferral plus 50% match of participant deferral up the next 2% of pay. All Safe Harbor contributions are 100% vested. Not subject to core non discrimination tests. Same eligibility requirements as traditional 401(k) plans. Additional employer contributions allowed.
Deferrals limited ($15,500 + $3,500 for over age 50 for 2023). Must make either 2% company contribution to all eligible participant; or 3% match to only those participants who defer. Any employee who earns at least $5,000 is eligible. Participants are 100% vested in ALL Accounts. Loans are NOT allowed. Additional contributions are NOT allowed. 25% penalty 1st 2 years withdrawals.
Company contribution only, subject to vesting, up to 25% of eligible payroll. Allocation percentages can be different for owners vs. non-owners. Can set eligibility requirements to one year wait & Age 21. Vesting to six years can apply. Loans are allowed.
Company contribution only, up to 25% of eligible payroll. Allocation percentages must be pro-rata (equal). Participants are 100% vested in their accounts. Any employee who has worked for 3 out the past 5 years and is age 21 is eligible. Loans are NOT allowed.
Plan Administration
Yes
Yes
No
Yes
No
Please note that above items are basic summaries. Other restrictions may apply.
