The Department of Labor has been working with a number of partners to educate small business owners about various simple retirement plan options, like SIMPLEs (Savings Incentive Match Plans for Employees of Small Employers), SEPs (Simplified Employee Pensions), Individual Retirement Accounts, payroll deduction plans and 401(k) plans.
The educational materials developed by the department and its partners include “The Small Business Retirement Advisor.” This site allows businesses to review various retirement plan options available to them with a description of the features of each. Based on the responses to such questions as number of workers employed by the company and the decision to contribute or not to contribute to the workers’ retirement, plan options are provided to the business owner. The site contains a thorough description of each type of plan and provides copies of the forms for establishing a SIMPLE or SEP-IRA.
By starting a retirement savings plan, employers will help their employees save for the future. Retirement plans may also help employers attract and retain a qualified pool of employees and offer business tax savings. The employer can help secure their own retirement as well.
Web Pages on This Topic
Retirement Savings Education Campaign: Provides information about the Department of Labor’s campaign to raise retirement savings awareness among women, minorities, low-income workers and small businesses.
The Small Business Retirement Savings Advisor: Provides information about retirement savings options for small business employers and can help to determine which program is most appropriate for a business.
Savings Incentive Match Plan for Employees of Small Businesses : Provides information about the basic features and requirements of SIMPLE plans that involve individual retirement accounts or annuities (SIMPLE IRAs).
SEP Retirement Plans for Small Businesses: Provides a guide to Simplified Employee Pensions for small businesses.