Retirement Plans For Small Businesses

It is important to know what retirement plan is best for your unique situation. Small business owners and employees have different options and can learn about them here with WISER's Fact Sheets and other resources.


Retirement Plan Options for Small Businesses (The Basics):

  • SEPs (Simplified Employee Pension)
    • Designed to make it easier for small organizations to offer pension plans
    • Low start up costs
    • Employer contributes
  • SIMPLEs (IRAs):
    • Designed to make it easier for small organizations to offer pension plans
    • Low start up costs
    • Employee and employer contribute
  • Keogh Plan
    • IRAs for the Self-Employed
  • IRAs
    • Self-Managed individual retirement plans
  • Payroll Deduction IRAs
    • Not a pension plan, but one way to help employees save for retirement on their own
  • myRA
    • The myRA (short for "my Retirement Account") was developed by the U.S. Department of the Treasury and rolled out in 2015.
    • It is a very simple, low-cost way for employers to offer a savings plan at work. 
    • As an employer, it is free to set up for U.S. companies and nonprofits of any size, and you do not administer employee accounts, contribute to them, or need to match employee contributions. 
    • Your employees fill out a form and you set up payroll direct deposit into their myRA accounts.
    • The accounts are tied to the worker, not the employer which enables employees to keep the accounts and contribute to them even if they change jobs.
    • Learn more at myra.gov/employers
 

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