Go Safe

The Go Safe plan design satisfies IRS requirements for Safe Harbor 401(k) plans. The Go Safe plan is great for businesses that have highly paid employees looking to maximize their contributions. The Go401k Group handles set up and administration at a reduced rate because the Go Safe plan does not require non-discrimination testing.

 

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Eligibility Requirements:

• 1 year of service with at least 1000 hours of service.

• Attainment of age 21.

Entry Dates:

• Either 1/1 or 7/1 once eligibility requirements are met.

Matching Contributions:

• A non-elective contribution of 3% of each eligible employee's pay.

Vesting:

• Any and all contributions are immediately 100% vested.

Loans/Hardships:

• Loans and Hardship withdrawals are permitted.

• Minimum loan amount is $1,000.

• Maximum loan amount is one half the vested account balance but no more than $50,000.

• Participants are not permitted to have more than two loans outstanding at any time.

Maximum Deferral Amount:

• The IRS Limit. $16,500 for 2011

Catch Up Contribution:

• The IRS Limit. $5,500 for 2011

Profit Sharing Contribution Limit:

• The IRS Limit: The lesser of 25% of compensation or $49,000 in 2011

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