401k plan

Every company, whether a C Corporation may establish, S corporation, partnership, sole proprietorship, self-employed plan. The company sets the conditions within certain guidelines, which will be established at the time the plan. Employers, persons with less than 1 year service, union members, non-US citizens, part-timers to limit, etc., from being eligible for the plan. Contributions to plan can come from voluntary employee salary reduction, employer or both. Each employee can defer in 2010 up to $ 16,500 or 100% of compensation, less. Participants aged 50 years can make additional "catch-up" contributions of $ 5,500 in 2010. Employees are immediately vested 100% with their own salary reduction tax deferred