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What is a Qualified Retirement Plan?

What is a Qualified Retirement Plan?

May 09, 2022
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Planning for retirement is critical to your future and should be carried out with significant thought and consideration. Throughout your search, you might have come across something called a qualified retirement plan. A qualified retirement plan is a great way for employers to help their employees thrive, and set them up for success in the future. So, what is a qualified retirement plan? Is a 401K a qualified retirement plan? Join our financial experts as they dive into the different types of qualified retirement plans so you can choose which one is right for your Naperville business. Learn more with the experts at IntentGen today! For more information, feel free to contact us anytime!

Qualified Retirement Plan

A qualified retirement plan is put into place by your Naperville employer and is designed to provide you with reiterated benefits for both you and your family. Some of the most common plans are 401K, pensions, and profit-sharing plans. In many cases, a qualified retirement plan can handle contributions made by both the employer and employer. With a qualified retirement plan, the employer is obligated to follow certain guidelines to ensure that the employee receives their owed benefits, and keep up to date with the ever-changing laws regarding qualified retirement plans. You can also take advantage of various tax benefits with qualified retirement plans, as taxes are withheld until the employee withdraws any funds. 

So, to answer the question, “Is a 401K a qualified retirement plan?”, yes, a 401K is one of the most common types of qualified retirement plans available and provides some of the best benefits for your employees.

Set Up a Qualified Retirement Plan With IntentGen

Now that we’ve answered the question, “what is a qualified retirement plan?”, visit our offices or give us a call to set up an appointment today! Consult with our experts, and decide which qualified retirement plan is best for your company. Whether you’re interested in estate planning or investing, our financial advisors can help you navigate through the process and put you on the right path to success.