Small Business Retirement Plans

As a business owner, you have a lot going on. Sometimes offering a retirement plan isn’t a top priority and sometimes it’s because of the perception that it’s too time consuming, too complex and too costly.

But what if it wasn’t?

We’re experts at helping you determine what type of retirement plan is right for you and helping you get it up and running.

Choosing A Retirement Solution For Your Small Business

	SIMPLE IRA	SEP IRA	SOLO 401k	401k
Getting Started	Employees open their own SIMPLE IRA accounts and employer sets up payroll contributions.	Employees open their own SEP accounts.	Employer (employee) opens up solo 401k account and links it to company checking account for employee and employer contributions.	Employer creates a plan document to govern the plan.
Contributions to The Plan	Employees make contributions through payroll deduction and Employer matches.	Employer contributions only	Employees make contributions through payroll deduction and Employer matches.	Employees make contributions through payroll deduction and Employer matches
Contribution Limits	Employees can contribute $15,500 (or $19,000 if over 50) for 2023. Employer must match either 100% of 3% of employee compensation or make a flat 2% (non-matching) contribution to all employees.	Self employed individuals can contribute up to 25% of their net earnings but no more than $66,000 for 2023.	Employees can contribute $22,500 (or $30,000 if over 50) for 2023. Employer can make matching contributions and or profit sharing contributions as long as the employee and employer combined does not exceed $66,000 for 2023.	Employees can contribute $22,500 (or $30,000 if over 50) for 2023. Employer can make matching contributions and or profit sharing contributions as long as the employee and employer combined does not exceed $66,000 for 2023.
Cost to Employer	No Setup or administration fees. Employers’ **only** cost is matching contributions (including to themselves). Each SIMPLE IRA participant is subject to their own investment costs.	No setup or administration fees. Employers’ only cost is contributions (including to themselves). Each SEP IRA participant is subject to their own investment costs.	No setup or administration fees. Employers’ only cost is contributions (including to themselves). Each Solo 401k participant is responsible for their own investment costs.	Setup and administration costs vary depending on plan design. Employer will also be responsible for matching contributions (including to themselves).
Other Considerations	Very quick and easy to setup. Roth contributions not available. Profit Sharing not available. Vesting not available.	Very quick and easy to setup. Roth contributions not available. Profit Sharing not available. Vesting not available.	Quick and easy to setup. Roth contributions and Profit Sharing contributions are allowed.	More costly and time consuming to setup. More reporting required. Roth contributions and Profit Sharing contributions are allowed. Vesting is allowed. Can allow safe harbor relief.