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| Deadline to Establish |
Plan must be adopted by the last day of the plan year |
Usually between January 1 and October 1 |
Employer’s income tax returns filing deadline (plus extensions) |
Any time before individual income tax returns filing deadline plus extension |
| Contributions |
By employee with optional employer match (details to follow) |
Employee contribution plus mandatory employer contribution |
Employer only (on discretionary basis) |
Employee only |
| Contribution Limits |
Max contribution limit of $19,500 (with $6,500 catch-up) |
Max contribution limit of $13,500 (with $3,000 catch-up) |
Lesser of 25% of employee’s salary or $57,000 |
Max contribution limit of $7,000 (with $1,000 catch-up) |
| Investment Decisions |
Employee |
May be employee |
Employee |
Employee |
| Vesting |
Employer’s contribution may be subject to a schedule |
Immediate |
Immediate |
Immediate |
| Ongoing Maintenance |
Annual form filing and notices |
Annual notice to eligible employees |
No annual filings nor disclosures |
No annual filings nor disclosures |
| Annual Non- discrimination Testing |
Mandatory (unless a “safe harbor” is elected) |
Not required |
Top-heavy testing applies |
None |
