Simple IRA	Safe Harbor 401(k)	Traditional 401(k)	ERISA 403(b)
For employers with X number employees. X =	100 or less	1 or more	1 or more	1 or more
Available to tax exempt organization?	Yes	Yes	Yes	Only for educational and 501(c)(3) organizations
Maximum eligibility requirements	Comp of $5,000 in any 2 prior years and anticipated in Plan Year	Age 21, 1 year of service, 1000 hours, 2 entry dates	Age 21, 1 year of service, 1000 hours, 2 entry dates	$15,500, plus $5,000 for ees age 50 and over
Maximum Deferral per Calendar Year	$10,500, plus $2,500 for ees age 50 and over	$15,500, plus $5,000 for ees age 50 and over	$15,500, plus $5,000 for ees age 50 and over	$15,500, plus $5,000 for ees age 50 and over
ADP/ACP (MUT repealed) Testing Required?	No	No, automatic pass	Yes	No ADP testing, but ACP testing required
Required employer contributions	100% of Deferral up to 3% of comp, or 2% of comp regardless of Deferral. 3 of 5 years.	Yes, either 1) 3% of comp to all eligible or 2) Match of 100% of 1st 3% Def’d and 50% of next 2% Def’d – i.e. a 4% match	No, if not Top-Heavy	No
Minimum required contributions to Top Heavy Plan	N/A	Satisfied by Safe Harbor Contrib.	Lesser of 3% of comp or Key contribution %	N/A
Maximum annual employer contribution to participant account	100% of Deferral plus 3% of comp OR 2% of comp	Lesser of 100% of comp or $45,000	Lesser of 100% of comp or $45,000	Lesser of 100% of comp or $45,000
$225,000 limit on comp for plan calculations	Not for match, Yes for Nonelective	Yes	Yes	Yes
Maximum annual deductible contribution to plan	Sum of individual limits	25% of the sum of comp (excluding salary deferrals) of all participants	25% of the sum of comp (excluding salary deferrals) of all participants	N/A
Vesting schedule	No – all contributions 100% vested	100% Vesting on Safe Harbor Contributions	Yes on Employer Contributions	Yes on Employer Contributions
Forfeitures	N/A	N/A on SH Contributions; Use for fees, reallocate or reduce other ER Contributions	Use for fees, reallocate to remaining participants or reduce employer contribution	Use for fees, reallocate to remaining participants or reduce employer contribution
Premature distribution penalty tax	If age 59 1/2 , 10%, increased to 25% if withdrawn in 1st 2 Years of Participation	If under age 59 ½, 10% except for retirement @ 55, death, disability, QDRO	If under age 59 ½, 10% except for retirement @ 55, death, disability, QDRO	If under age 59 ½, 10% except for death, disability, QDRO
Loan provisions allowed	No	Yes	Yes	Yes
Fiduciary liability for participant-directed investments	No	Yes. May be reduced by compliance with 404(c)	Yes. May be reduced by compliance with 404(c)	If ERISA Plan, may be reduced by compliance with 404(c)
Federal reporting by employer	No	Yes	Yes	Yes, If ERISA Plan
Flexible allocation methods	No	Yes	Yes	Yes
Ability to exclude some employees	Yes	Yes	Yes	Yes
Top Heavy Testing	No	No	Yes	No
Compare to	Simple 401(k), Traditional 401(k), and Safe Harbor 401(k)	Simple IRA, Simple 401(k), and Traditional 401(k)	Simple IRA, Simple 401(k), and Safe Harbor401(k)	Simple 401(k), Traditional 401(k) and Safe Harbor 401(k)

 

	SEP	Profit Sharing	Money Purchase - Keogh	Simple 401(k)	Defined Benefit
For employers with X number employees. X =	1 or more	1 or more	1 or more	100 or less	1 or more
Available to tax exempt organization?	Yes	Yes	Yes	Yes	Yes
Maximum eligibility requirements	Age 21, $500 in 3 of last 5 years	Age 21, 1 Year of service, 2 if 100% vesting	Age 21, 1 Year of service, 2 if 100% vesting	Age 21, 1 year of service, 1000 hours, 2 entry dates	Age 21, Vesting schedule
Maximum Deferral per Calendar Year	N/A	N/A	N/A	$10,500, plus $2,500 for ees age 50 and over	can be to $250,000
ADP/ACP (MUT repealed) Testing Required?	N/A	N/A	N/A	No	No
Required employer contributions	N/A	N/A	N/A	No	Yes
Minimum required contributions to Top Heavy Plan	N/A, SEPs can be top-heavy but inflexible allocation method make this irrevelant	No, if not Top-Heavy	Yes	100% of Deferral up to 3% of comp, or 2% of comp regardless of Deferral. 3 of 5 year option NOT available	N/A
Maximum annual employer contribution to participant account	Lesser of 100% of comp or $45,000	Lesser of 100% of comp or $45,000	Lesser of 100% of comp or $45,000	100% of Deferral plus 3% of comp OR 2% of comp	Per contribution schedule
$225,000 limit on comp for plan calculations	Yes	Yes	Yes	Yes	$180,000
Maximum annual deductible contribution to plan	25% of the sum of comp of each participant	25% of the sum of comp of all participants	25% of the sum of comp of all participants	25% of the sum of comp (excluding salary deferrals) of all participants	100% of the sum
Vesting schedule	No – all contributions 100% vested	Yes	Yes	No – all contributions 100% vested	100% of the sum
Forfeitures	N/A	Use for fees, reallocate to remaining participants or reduce employer contribution	Use for fees, reallocate to remaining participants or reduce employer contribution	N/A	100% of the sum
Premature distribution penalty tax	If under age 59 ½, 10% except for death, disability, equal payments	If under age 59 ½, 10% except for death, disability, QDRO	If under age 59 ½, 10% except for death, disability, QDRO	If under age 59 ½, 10% except for death, disability, QDRO	N/A
Loan provisions allowed	No	Yes	Yes	Yes	No
Fiduciary liability for participant-directed investments	No	Yes. May be reduced by compliance with 404(c)	Yes. May be reduced by compliance with 404(c)	Yes. May be reduced by compliance with 404(c)	Yes
Federal reporting by employer	No	Yes	Yes	Yes	Yes
Flexible allocation methods	No	Yes	Yes	No	Yes
Ability to exclude some employees	Yes	Yes	Yes	Yes	Yes
Top Heavy Testing	Yes	Yes	Yes	No	No
Compare to	Profit Sharing and Money Purchase	SEP and Money Purchase	Profit Sharing and SEP	Simple IRA, Traditional 401(k) and Safe Harbor 401(k)	N/A