August 13, 2017|Parker Elmore
Updated 06/15/2021 Short answer – yes! 401(k) deferrals and contributions are allowed as a general rule, but there are exceptions. The biggest issue to consider is whether or not the member or owner is providing material services that are income-producing for the LLC. Here is a basic list of things to consider: Should You Offer a Roth 401(k)? Legal Disclaimer Nothing in this post should be interpreted to be legal advice for the reader. Given that laws in this area change frequently, the reader is encouraged to seek review by your legal counselto apply the law to the particular facts of your situation. If you have questions about how to best design your retirement plan to align your personal goals with your business goals, please reach out to one of our Odyssey Advisor Consultants here.Bottom Line Up Front
Categories: 401(k), Pension, Retirement
About The Author As President and CEO of Odyssey Advisors, Parker Elmore is dedicated to quality service, expertise, and efficiency. With over 25 years of industry experience, Parker and the Odyssey team develop and implement solutions to the complex financial issues faced by...
More Insights From This author
September 6, 2023
Want to Upgrade Your SIMPLE IRA to a 401(k) Plan in 2024? The Deadline is Now
Parker Elmore
August 28, 2023
Your Guide to Safe Harbor 401(k) Plans before the December 1st Deadline
Parker Elmore