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Dec 20, 2023 · For those aged 50 and older, there's an additional catch-up contribution allowed, increasing the total limit to $30,000. By Penelope Team. Published Dec 20 2023. The 401 (k) contribution limit is set by the IRS and has been set to $23,000 for 2024. In 2023, the 401 (k) contribution limit was $22,500.
Penelope offers small businesses simple, affordable 401(k) plans. Indipop members can receive up to $875 off their plan by signing up now.
Mar 22, 2022 · Penelope Raises $2.1 Million to Help Small Businesses Take On 401 (k) Plans. By Thomas Price | Tuesday, 22 March 2022 | Startup, Finance, Tech. Penelope is a fintech startup that works to help small and micro business owners adopt 401 (k) plans to ease the burden of retirement in the future. The company recently closed its pre-seed funding ...
Mar 10, 2023 · A 401 (k) plan is a tax-advantaged retirement savings plan offered by employers. Employees can make pre-tax contributions, which grow tax-deferred until withdrawn in retirement. Employers may also contribute to the plan through matching or non-elective contributions, enhancing the employees' savings potential. By Penelope Team.
Penelope’s technology platform for micro and small businesses to automate employee investing, streamlines cost and paperwork, provides practical savings tools for employees, and offers the choice of Pooled Employer Plans (PEP), traditional 401(k)s and Solo 401(k)s. With Penelope, small businesses can adhere to state regulations requiring companies with more than five employees to offer ...
Jan 9, 2024 · Similar to the Safe Harbor 401(k) plan, it requires employer contributions. In 2024, a SIMPLE IRA has a maximum contribution limit of $16,000 with a $3,500 catch-up contribution for those 50 or older. Get Started with a Penelope Starter 401(k) Plan →. Planning for retirement is a big but important step for small business owners.
Jan 25, 2022 · NEW YORK, Jan. 25, 2022 /PRNewswire-PRWeb/ -- On a mission to enable every small business to build bright financial futures for their owners and employees, Penelope today announced the launch of ...
