Profit Sharing Plan

Profit Sharing Plan

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Profit Sharing Plan

Profit Sharing Plan definition:  A profit sharing plan is a method for sharing business profits with employees by making discretionary contributions.  Profit sharing plans are defined contribution retirement plans with a vesting schedule and restrictions on withdrawals. Profit sharing plans are generally more of an administrative burden than IRAs but not as complex as 401(k) plans. Contribution limits are higher than most other plans.

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