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Retirement Plans for Small Employers Toolkit
Practical Law Toolkit w-001-6582 (Approx. 6 pages)
Retirement Plans for Small Employers Toolkit
by Practical Law Employee Benefits & Executive Compensation
| Maintained • USA (National/Federal) |
Resources to assist small employers in understanding the types of retirement plans available to them, including resources on simplified employee pensions (SEPs), salary reduction simplified employee pensions (SARSEPs), payroll deduction individual retirement accounts (IRAs), savings incentive match plan for employees individual retirement accounts (SIMPLE IRAs), savings incentive match plan for employees 401(k) plans (SIMPLE 401(k)) plans, and one-participant 401(k) plans. This Toolkit also includes resources to assist individuals advising small employers on complying with the relevant rules under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (Code).
There are many different types of retirement plans available to small businesses, including:
- Simplified employee pensions (SEPs) and salary reduction simplified employee pensions (SARSEPs).
- Savings incentive match plan for employees 401(k) plans (SIMPLE 401(k)) plans.
These plans vary widely in their design and administration, including:
- Employer and employee eligibility.
- Steps to starting and maintaining the plan.
- Employer and employee contributions, including contribution limits.
- Tax treatment of distributions.
- Nondiscrimination requirements.
- Contribution deadlines.
- Vesting requirements.
- Top-heavy requirements.
- The availability of loans.
- Advantages and disadvantages for each type of plan.
This Toolkit is a collection of resources to assist individuals advising small businesses on selecting a retirement plan that meets its needs as well as complying with the relevant rules under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (Code).