Small Business Retirement Plans
Which one is right for your small business?
We have partnered with top-tier retirement plan providers to help you determine which plan fits your business. We then help you analyze costs, options and more importantly benefits to you and your employees to make the best decision for your business.
Simple IRA Plan
SIMPLE IRAs, are a tax-deferred retirement plan solution designed specifically for small businesses with 100 or fewer employees. SIMPLE IRA's are a collection of individual IRAs with a participant-level advisor relationship.
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They offer:
Higher contribution limits — Participants can contribute more than with a traditional IRA, and employer contributions or matching are required.
Tax benefits — Employer contributions qualify as a tax-deductible business expense.
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Easy plan design — No complex IRS reports to complete and no annual nondiscrimination testing required.
SEP IRA
In a word, simplicity. SEP (Simplified Employee Pension) IRAs are a low-hassle way for small business owners to obtain tax-advantaged savings for themselves and to contribute for their employees as well.
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SEP IRA advantages for small companies:
Contributions are generally tax-deductible to the business.
Low maintenance. With little paperwork and low start-up costs, SEP IRAs allow you to contribute for you and your employees and these contributions are generally tax-deductible to the business.
The ability to contribute generously. The maximum contribution limit for 2020 is $57,000 ($56,000 for 2019) or 25% of your employees' eligible compensation (20% of your net earnings if contributing to your own account as sole proprietor),
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Adjustable contributions and employee requirements. SEP IRAs offer the flexibility to contribute more when business is strong and cut back when things are tighter.
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It helps your workers plan for the long-term. SEP plans offer a wide range of possible investments.
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Potential tax benefits for employer.
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401K Employer Sponsored Plan
A 401(k) plan is a tax-advantaged defined-contribution retirement account offered by many employers to their employees. It is named after a section of the U.S. Internal Revenue Code. Employees can make contributions to their 401(k) accounts through automatic payroll withholding, and their employers can match some or all of those contributions. The investment earnings in a traditional 401(k) plan are not taxed until the employee withdraws that money, typically after retirement.