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There are various types of retirement and IRA–based plan options offering different levels of employer involvement, costs and responsibilities. You can opt for a basic plan that is easy to set up and maintain, or one that requires more on–going work but that also offers more features and benefits to your employees.
Some plans commonly found in small businesses include:
An employee can make contributions from their paycheck and may choose their investments from a menu of options. Employers can also contribute.
The employer makes a discretionary contribution to the plan based upon the company’s earnings.
The employer and employee contribute to an IRA account set up for each employee.
The employer makes a discretionary contribution into IRA accounts set up for each employee. Employee contributions aren’t allowed.
Allows an employee to contribute to an IRA through payroll deduction.
This publication includes general descriptions of plan options and a helpful chart outlining the advantages of each option.
