workplace retirement


Workplace retirement plans are employer-sponsored savings programs enabling employees to set aside a portion of their pre-tax income for retirement investments. Crafted to offer an additional income source alongside Social Security benefits, these plans play a crucial role in securing employees' financial future.

Our services extend to Dallas, Plano, Irving, Collin, Denton, Ellis, Hunt, Kaufman, Rockwall counties, and beyond, ensuring individuals have access to comprehensive workplace retirement savings options.


There are several types of workplace retirement plans, including:

  1. 401(k) plans: These plans are the most common type of workplace retirement plan in the United States. They allow employees to contribute a portion of their pre-tax income to a retirement account, and some employers may also offer matching contributions.
  2. 403(b) plans: These plans are similar to 401(k) plans, but they are offered to employees of certain tax-exempt organizations, such as schools and non-profit organizations.
  3. Defined benefit plans: These plans promise employees a specific retirement benefit based on a formula that typically takes into account an employee’s years of service and salary history.
  4. Simplified Employee Pension (SEP) plans: These plans are designed for small business owners and self-employed individuals, allowing them to contribute to their own retirement account or to their employees’ accounts.
  5. Simple IRA plans: These plans are also designed for small businesses and allow employees to contribute to their own retirement account, with the employer matching a certain percentage of contributions.

Workplace retirement plans are an important tool for individuals to save for retirement, and they offer many benefits, such as tax advantages, employer matching contributions, and investment options. It is important for individuals to carefully consider their retirement goals and investment options when selecting a workplace retirement plan.

401(K) PLANS

A 401(k) plan is a type of employer-sponsored retirement savings plan that allows employees to contribute a portion of their pre-tax income to an investment account.


Here are some key features of a 401(k) plan:

  1. Employee contributions: Employees can contribute a portion of their pre-tax income, up to an annual limit set by the IRS, to their 401(k) plan. The 2022 limit for employee contributions is $20,500, with an additional catch-up contribution of $6,500 allowed for those over age 50.
  2. Employer contributions: Some employers may choose to make contributions to their employees’ 401(k) plans, such as matching contributions, profit-sharing contributions, or non-elective contributions.
  3. Investment options: 401(k) plans typically offer a variety of investment options, such as mutual funds, target-date funds, and individual stocks and bonds. The specific investment options available may vary depending on the plan.
  4. Tax advantages: Contributions to a traditional 401(k) plan are made on a pre-tax basis, which means that the money is deducted from an employee’s income before taxes are taken out. This reduces the employee’s taxable income and can result in lower income taxes. Additionally, any earnings on the investments in the 401(k) account are tax-deferred until the funds are withdrawn in retirement.
  5. Vesting: Vesting refers to the amount of time an employee must work for an employer before they have full ownership of the employer’s contributions to their 401(k) plan. Vesting schedules vary depending on the plan, but typically range from immediate vesting to a multi-year schedule.
  6. Withdrawal rules: 401(k) plans have rules around when and how employees can withdraw funds from their accounts. Generally, employees can begin making penalty-free withdrawals from their 401(k) accounts at age 59 1/2. Withdrawals made before that age are typically subject to a 10% penalty, in addition to income taxes. Some plans may also allow for loans or hardship withdrawals in certain circumstances.

It’s important to note that the specific features of a 401(k) plan can vary depending on the employer and plan design. We can help Employees review their plan documents and  to understand the specific rules and options available to them.

403(B) PLANS


A 403(b) plan is a type of retirement plan that is available to employees of certain nonprofit organizations, schools, and other tax-exempt organizations. 


Here are some key features of 403(b) plans:

  1. Employer contributions: Like a 401(k) plan, a 403(b) plan can allow employers to make contributions to employees’ retirement savings. These contributions can be made as matching contributions or as a set percentage of an employee’s salary.
  2. Tax-deferred savings: Contributions made to a 403(b) plan are typically made on a pre-tax basis, which means they reduce an employee’s taxable income. This can lead to lower tax bills in the short term, but taxes will be owed on the money when it is withdrawn in retirement.
  3. Contribution limits: The IRS sets annual contribution limits for 403(b) plans. For 2022, the limit is $20,500. Employees who are age 50 or older can make additional catch-up contributions of up to $6,500 per year.
  4. Investment options: 403(b) plans typically offer a range of investment options, including mutual funds and annuities. Employees can choose how to invest their contributions based on their own risk tolerance and retirement goals.
  5. Vesting: Employers may require a certain number of years of service before an employee becomes fully vested in their 403(b) account. Vesting determines how much of the employer’s contributions an employee can keep if they leave their job before retirement.
  6. Withdrawal rules: Withdrawals from a 403(b) plan are subject to certain rules and restrictions. If withdrawals are made before age 59 1/2, there may be a penalty of 10% on top of income taxes owed. Withdrawals made after age 59 1/2 are generally subject to income tax but not the penalty.

401(A) PLANS

401(a) plans are retirement savings plans offered by employers. They are also known as qualified plans, which means they meet the requirements of the Internal Revenue Code (IRC) for tax-favored treatment.

401(a) plans can be customized to fit the needs of each employer and can include different features such as employer contributions, employee contributions, and a variety of investment options.

Contributions to 401(a) plans are typically made on a pre-tax basis, which means that they reduce an employee’s taxable income for the year in which the contributions are made. The contributions and earnings in the plan grow tax-free until the employee withdraws the funds, usually at retirement age. At that point, the withdrawals are subject to income taxes.


  1. Employer contributions: Contributions to a 401(a) plan are made by the employer, although in some cases, employees may also be allowed to make contributions.
  2. Vesting schedule: Employers may set a vesting schedule that determines when an employee’s contributions to the plan become fully vested. This means that if an employee leaves the employer before the vesting schedule is complete, they may forfeit a portion of the employer’s contributions.
  3. Contribution limits: There are limits to how much employers can contribute to a 401(a) plan each year. The contribution limit is set by the IRS and is subject to annual adjustments.
  4. Tax-deferred growth: Contributions to a 401(a) plan grow tax-deferred until they are withdrawn. This means that contributions and their earnings are not taxed until they are distributed from the plan.
  5. Distribution rules: 401(a) plans generally have rules that govern when and how distributions can be made. For example, distributions are generally not allowed before age 59 1/2 without incurring a penalty, although there are some exceptions.
  6. Portability: If an employee leaves the employer, they may be able to roll over the balance of their 401(a) plan into another retirement account, such as an IRA or another employer’s retirement plan.
  7. Plan administration: 401(a) plans are subject to various administrative requirements, including annual reporting to the IRS and disclosure of plan information to participants.


A 457(b) plan is a type of retirement savings plan available to certain types of employees of state and local governments, as well as some tax-exempt organizations such as hospitals and charities.

Similar to a 401(k) plan, a 457(b) plan allows eligible employees to contribute pre-tax income to their retirement savings account, which can then grow tax-free until withdrawn during retirement.

There are a few key differences between 457(b) plans and 401(k) plans. For example, 457(b) plans may allow employees to contribute more money per year than 401(k) plans, and they may have more flexible withdrawal rules.

One important thing to note is that 457(b) plans are not available to everyone, and eligibility requirements can vary based on the employer and other factors. If you are eligible for a 457(b) plan, it’s important to understand the plan’s specific rules and options so that you can make the most of your retirement savings.


A 457(b) plan is a type of retirement savings plan offered by governmental and certain non-governmental employers in the United States. Here are some key features of 457(b) plans:

  1. Eligibility: 457(b) plans are available to state and local government employees, as well as employees of certain tax-exempt organizations.
  2. Contribution Limits: The contribution limit for 457(b) plans in 2023 is $19,500, but participants who are age 50 or older can make catch-up contributions of up to $6,500, for a total of $26,000.
  3. No Early Withdrawal Penalty: One of the unique features of 457(b) plans is that there is no early withdrawal penalty for withdrawing funds before age 59 1/2, as long as you have separated from service.
  4. No Income Restrictions: Unlike traditional or Roth IRAs, there are no income restrictions on participating in a 457(b) plan.
  5. Flexibility: 457(b) plans offer some flexibility in terms of how and when you can access your money. For example, you can take periodic withdrawals, a lump sum, or annuitize your account balance.
  6. Rollover options: If you leave your job, you can roll over your 457(b) plan to another employer’s 457(b) plan or to an individual retirement account (IRA).
  7. Required Minimum Distributions (RMDs): 457(b) plans are not subject to RMDs until you reach age 72, or if you are still working at age 72, until you retire.

It’s important to note that 457(b) plans are not the same as 457(f) plans, which are nonqualified deferred compensation plans that are typically used by high-income earners.