Welcome to the Plantation. St. George Plantation Owners' Association is a private, gated community located on the west end of St. George Island, Florida. The Plantation is a special balance of nature and wildlife, pristine beaches and beautiful homes, social activities and solitude.
A 401(k) plan is simply a profit sharing plan with a provision allowing employee salary deferrals. Most 401(k) plans provide employer matching contributions based on a participantâs contribution, with an additional option for a profit sharing allocation.
The plan does have the option to make an additional non-elective (profit sharing) contribution to all employees. The total deductible employer contribution that may be made to the plan is 25% of eligible compensation. Note: the increased limits for employees age 50 or older include âcatch upâ contributions. For 2015, a 50+ participant in a SIMPLE IRA may defer an additional $3,000 of his compensation to his SIMPLE IRA account. A 50+ participant in a 401(k) plan may defer an additional $6,000 to his 401(k) account.