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Getting Familiar With the Safe Harbor 401(k) Plans

Employers have many different options when it comes to employee retirement plans.

Of course, the most popular option is a 401(k) plan that enables employees to contribute – and employers to contribute or match – a portion of their wages to individual accounts. The only drawback is that these plans typically have annual compliance requirements and certain contribution limits.

Let’s take a look at the safe harbor provision that applies to these plans and how it affects employees.

Be sure to check the Retirement Channel to learn more about retirement planning concepts and strategies.

What Is a Safe Harbor Plan?

Benefits and Drawbacks

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