Great-West retirement funds offer investors several strategies for accumulating funds, including individual retirement accounts, or IRAs, employer-sponsored retirement plans, Section 162 bonus plans and nondisqualified deferment compensation plans. These services benefit individual investors and organizations, according to the Great-West website. Plan holders of all types enjoy record-keeping services and administrative services, along with account management.Continue Reading
For individuals, the IRA is one of Great-West's primary retirement plan options. An IRA helps people save for retirement with a tax-free or deferred tax system, according to Fidelity. IRAs come in three main formats: traditional, Roth and Rollover. Traditional IRA accounts let plan holders make contributions to the account while deferring taxes. Each year, money invested in an IRA account is eligible for a tax deduction.
With Roth accounts, people contribute money that has already been taxed. This allows investments to grow partially tax-free. People may be able to retrieve account funds tax-free in retirement. Rollover IRAs are flexible plans that let employees move money from one account to another as they change jobs. These plans connect with employer-contribution plans, such as 401(k) plans and 403(b) plans.
Great-West's Section 162 bonus plans offer benefits to corporate clients. With these plans, employers create bonus plans with executives. Tax-deductible bonuses generated by the employer help executives pay premiums on their life insurance policies. Executives retain account ownership and can pass assets to beneficiaries.Learn more about Financial Planning