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DELUXE CORPORATION 401(k) AND PROFIT SHARING PLAN SUMMARY PLAN DESCRIPTION May 1, 2016170602:0941PLAN AMENDMENT AND TERMINATION ............................................. 25INFORMATION IN THIS SUMMARY
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To fill out a 401k and profit sharing plan, follow these steps:
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Determine your eligibility: Check if you meet the requirements set by your employer to participate in the plans.
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Enroll in the plans: Contact your company's HR department and complete the necessary paperwork to opt into the 401k and profit sharing plans.
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Decide on contribution amount: Determine how much money you want to contribute from each paycheck towards your 401k and profit sharing accounts.
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Choose investment options: Select from the investment options provided by the plans, considering your risk tolerance and long-term financial goals.
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Set up automatic contributions: Arrange for automatic deductions from your salary to ensure consistent contributions to your 401k and profit sharing accounts.
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Review and adjust periodically: Regularly monitor the performance of your investments and make adjustments as needed to align with your objectives and changing market conditions.
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Understand withdrawal rules: Familiarize yourself with the rules and regulations governing withdrawals from your 401k and profit sharing accounts to make informed decisions when needed.
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Seek professional advice: Consider consulting with a financial advisor who specializes in retirement planning to optimize your 401k and profit sharing strategies.

Who needs 401k and profit sharing?

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401k and profit sharing plans are beneficial for the following individuals:
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- Employees: Workers who want to save for retirement and have a steady income stream during their retirement years.
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- Employers: Companies that aim to attract and retain employees by offering competitive retirement benefits.
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- Small business owners: Owners of small businesses who wish to save for retirement while offering retirement benefits to their employees.
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- Individuals seeking tax advantages: Contributions to 401k and profit sharing plans may offer tax benefits, such as deferring taxes on contributions and potential tax-free growth until withdrawal.
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401k and profit sharing are retirement savings plans that allow employees to contribute a portion of their wages to individual accounts for use in retirement.
Employers who offer 401k and profit sharing plans are required to file relevant forms and reports with the IRS and Department of Labor.
Employers must fill out various forms, such as Form 5500, to report information about the plan, participants, and contributions.
The purpose of 401k and profit sharing plans is to provide employees with a way to save for retirement and to help employers attract and retain talent.
Information such as participant contributions, employer contributions, plan investments, and participant demographics must be reported on 401k and profit sharing forms.
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