Clark A. Gronsbell, FIC
112 Dewitt Street
Syracuse, NY 13203
Phone:  315-477-1906
Fax:  315-477-0927
 
 
Retirement Plans For
Small Business

FINDING IT HARD to hire employees for your small business? Maybe the problem is your retirement plan, or lack of one!

So, where do you start? Here is a rundown of your retirement plan options. The best plan will vary depending upon your needs.


Simplified Employee Pension Plan (SEP IRA)
If you have just a handful of employees and are looking for a plan that is truly low cost and low maintenance, then consider a SEP IRA. The plan is funded with tax-deductible employer contributions, and you must cover all eligible employees. Employee contributions are not allowed.
Savings Incentive Match Plan for Employees (SIMPLE IRA)
SIMPLE IRAs are good for your employees. They allow employee contributions. And, they mandate an employer match. Trouble is, a SIMPLE IRA won't let you save as much for yourself. Annual contributions are generally limited plus an employer matching contribution.
Profit Sharing Plans
A profit sharing plan gives your employees a piece of your company's profits. Annual contributions are made to your employees account, but because they are based on your company's performance, they'll likely vary from year to year.

Money Purchase Pension Plans.
 Contributions to a money purchase pension plan are fixed and are not based on your business profits.
401(k) and Solo 401(k) Plans.
Think your business is too small for a 401(k)? Think again. Recent pension reform legislation has created new retirement vehicles to help small business owners shelter a significantly greater portion of their income from taxation that they were previously unable to do with conventional business retirement plans.
 
 
 

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