Employing a US worker

Get answers to your questions and take the first step toward US business expansion.

What is a 401(k)?

A 401(k) is a defined contribution retirement plan employers offer to their US workers. The US government allows employees to make tax deferred savings for their retirement using a 401(k) plan. These savings can be directed into investments listed in the plan, and employees can withdraw the funds once they’ve reached the retirement age designated by the Social Security Administration. Employees are permitted to withdraw funds under certain special provisions or if they’re willing to pay a penalty for early withdrawal. Though not required by law, many US employers offer 401(k) plans and match a certain percentage of an employee’s contribution. If you choose to hire workers through the Foothold America EMS solution, it includes an automatic match of 4% up to IRS limits. All compensation including commissions and bonuses are subject to employer contribution rules.


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