Profit Sharing Plans
Profit Sharing: Gives the maximum flexibility in employer contribution. A profit sharing plan allows an employer (at the employers’ discretion) to contribute and deduct from 0% to 25% of covered payroll each year.
There are basically 3 types of Profit Sharing plans, each has its own goal and useful set of sometimes motivational tools. All are designed to motivate and retain quality employees who can help generate income or profits to the bottom line.
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