All of the following statements are correct regarding the advantages of qualified retirement plans EXCEPT: Employee deferrals or contributions to the plan are not subject to payroll taxes Employer contributions to the plan are not subject to payroll taxes Employer contributions are tax deductible to the employer (up to certain limitations) Employee deferrals or contributions can be made on a pre-tax basis and reduce taxable income (up to certain limitations) Employee plan assets may not be subject to creditors or bankruptcy proceedings