Compare Business Retirement Plans
Wells Fargo Advisors offers a full suite of retirement plans to support your business. Compare our plans, or call one of our experienced financial professionals at 1-877-493-4727.
| Plan Features | SEP IRA (Simplified Employee Pension IRA) View Details | SIMPLE (Savings Incentive Match Plan for Employees) IRA View Details | 401(k) Plans View Details | Profit Sharing Plans View Details |
|---|---|---|---|---|
| Overview | Small business owners can make tax-deductible contributions with this flexible plan. If you have employees, you will most likely be required to contribute for them. | Offer a salary deferral plan for your employees easily and affordably. Offer a salary deferral plan minus the cost or administrative responsibilities associated with traditional 401(k) plans. | A flexible plan offering the highest level of employee pre-tax and Roth contributions, a wide range of employer contribution options, and an optional loan provision. Businesses employing only the business owner may benefit from establishing an Individual 401(k) | Flexible plans with various contribution options designed to reward long-term employees with tax-deferred growth — including an optional loan provision. |
| Well-suited for: | Self-employed individuals and small business owners with a few employees | Businesses with 100 or fewer employees who received at least $5,000 in compensation the previous year | A business of any size | A business of any size |
| Employee Pre-tax Contributions | No salary deferral contributions permitted | Yes | Yes | No salary deferral contributions permitted unless there is a 401(k) provision in the plan |
| Employer Contributions | Yes | Yes | Yes | Yes |
| Deductible Contributions | Yes | Yes | Yes | Yes |
| A variety of investment options | Yes | Yes | Most commonly use mutual funds | Yes |
| Pre 59 1/2 additional tax | 10% | 25% in the first two years; 10% thereafter | 10% | 10% |
| Maximum Contribution Percentage allowed annually | Up to 25% | Employer (required): Either dollar-for-dollar matching up to 3% or 2% to all eligible employees. Beginning in 2024, an optional, additional employer contribution may be made if uniform and does not exceed the lesser of 10% of compensation or $5,000 (indexed for inflation) Employee: Up to $16,500 of pay (not including catch-up) | Employer: Profit sharing and match: Up to 25% Employee: Up to $23,500 of pay (not including catch-up) | Up to 25% |
Need help choosing the right retirement plan for your business?
Call us at 1-877-493-4727
Business rewards
Get rewarded for your business purchases
Learn more
- Not Insured by the FDIC or Any Federal Government Agency
- Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate
- Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested
Investment products and services are offered through Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.
