| SEP | SIMPLE | Profit Sharing Plan | 401k | |
| Maximum employee contribution through age 49 | Not allowed | $13,500 | Not applicable | $19,500 |
| Maximum employee contribution age 50+ | Not allowed | $16,500 | Not applicable | $26,000 |
| Maximum employer contribution through age 49 | $57,000 | $13,500 | $57,000 | $57,000 |
| Maximum employer contribution age 50+ | $57,000 | $16,500 | $63,500 | $63,500 |
| Maximum combined contributions through age 49 | $57,000 | $27,000 | $57,000 | $57,000 |
| Maximum combined contributions age 50+ | $57,000 | $33,000 | $63,500 | $63,500 |
| Other maximum that supersedes the above | 25% of compensation | Employer can match up to 3% of compensation | Firm may not deduct more than 25% of total payroll | 100% of employee deferrals |
| Are employer contributions required? | No | Yes | No | No |
| Administration | Practically none: basically an IRA for the owner | Minimal: akin to a series of IRA accounts | IRS form 5500 required plus record keeping for vesting and other items | IRS form 5500 required plus record keeping for vesting and other items |
Retirement Plan Options
Not sure what plan is best for your firm? Contact us for guidance.