Fisher 401(k) vs. State-Run Plan Comparison Chart

Contributions
State-Run |
401(k) with |
SIMPLE IRA with |
SEP IRA with |
|
Employee Income Limits |
Employees with income >$135K CAN’T contribute |
None |
None |
None |
Annual Contribution Maximum |
$6K |
$58K1 |
$13.5K2 |
$58K |
Incremental Owner Contributions Available |
No |
Yes3 |
No |
Yes3 |
Tax-Deferred Contributions |
Post-tax only |
Pre-tax & Post-tax options |
Pre-tax only |
Pre-tax only |
Employer Contributions |
Not allowed |
Optional |
Required |
Required |
Loans Allowed |
No |
Yes |
No |
Yes |

Plan Management
Cost |
Low Cost |
Low Cost |
Low Cost |
Low Cost |
Administration |
Easy to start, most difficult to maintain |
Easy to start and maintain |
Easy to start and maintain |
Easy to start and maintain |
Employee Exclusions |
No |
Yes4 |
No |
No |
Investment Options |
Limited |
Wide Range |
Wide Range |
Wide Range |