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Traditional 401(k)

Typical number of employees in the plan: Unlimited

Features: Provides employer the option to make contributions on behalf of all participants, to match employees’ deferrals, or do both. These contributions can be subject to a vesting schedule (which provides that an employee’s right to employer contributions becomes non-forfeitable only after a period of time).
 
In addition, a traditional 401(k) allows participants to make pre-tax contributions through payroll deductions. Annual testing ensures that contributions made by owners and highly compensated employees are not discriminatory when compared to contributions made by rank-and-file employees. A traditional 401(k) plan can be combined with other retirement plans.

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