WHAT IS A Money Purchase PLAN?
A money purchase plan, sometimes referred to as a defined contribution pension plan, is one in which a company’s contributions are based upon a fixed percentage of employee compensation to be contributed annually. These plans are for businesses of any size, or individuals with self-employment income, earned on either a full or part-time basis. Benefits are based upon the amount in the participant’s account at the time of retirement.
For more information regarding Money Purchase Plans Contact us today