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Type of Plan Profit Sharing & Money Purchase SEP-IRA SIMPLE IRA 401(k)
Most Useful For Employers seeking to maximize contributions Employers seeking a low-cost, flexible plan Employers who want to allow employees to contribute Employers seeking salary reduction plan with most design option
# of employees permitted Any size Any size Any size Any size
Contribution limits (2003)* Up to 100% of compensation or $40,000 Up to 25% of compensation or $40,000 Employees can contribute up to $8000 ($9000 if over age 50); employer match required $12,000 deferral ($14,000, if over age 50, by 12-31 of contribution year)
# of employees permitted Any size Any size Any size Any size
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