What Are the Best Retirement Plan Options for Nonprofit Organizations: 403(b), 401(k), or Different Choices?
What types of retirement plans can not-for-profit organizations use? Help employees save for retirement and provide an employee benefit by setting up an employer-sponsored retirement plan. Learn the pros and cons of each option. This is a release of a 2019 video, but the main thing that has changed is the maximum dollar limits. Also, the quality of these videos is slightly better now... Nonprofits have traditionally used 403b plans, for the most part. That's still an option, and may even be the best option for some organizations. But you may also benefit from using 401k plans or IRA-based plans (like a SIMPLE IRA) for your staff. See the pros and cons of different types of retirement plans. We'll look at administrative fees, maximum contribution limits, matching and profit-sharing contributions, features like loans, and the ability to make after-tax Roth contributions to your retirement plan. There's also the issue of discrimination testing, which can be an i...