What retirement plan options can businesses consider implementing?
401(k) has become a generic term for employer-sponsored retirement plans in which employees share some of the responsibility for their retirement by contributing to their own retirement account through payroll deductions. But, depending on the type of company sponsoring the plan and specific plan design considerations, other types of plans might be more appropriate. Other options would be a retirement plan with only employer contributions such as a defined benefit or profit sharing plan, but these are not as prevalent.
