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Small Business Retirement Plans

PERSONAL DEFINED BENEFIT PLAN

Who it’s for:
Owner-only businesses with no employees

Key features:

  • All the benefits of a traditional 401(k) 

  • High contribution limits 

  • Easy to administer

SEP-IRA

BUSINESS 401(K) PLAN

If you’re self-employed or run an owner-only business, you can make substantial contributions toward your retirement with an Individual 401(k) plan. It’s easy to administer and has many of the same benefits as a traditional 401(k). Best of all, you direct how your contributions are invested.

Who it’s for:
Owner-only businesses or those with up to five employees​
Key features:

  • Highest contribution limits

  • Contributions are generally 100% tax-deductible 

  • Helps target your desired level of income in retirement

Who it’s for:
Businesses with up to 100 employees​

Key features:

  • Primarily funded with employee salary-deferral contributions 
  • Employer-matched contributions up to 3% 
  • An easy and economical plan to administer

A SEP-IRA is one of the easiest small business retirement plans to set up and maintain. You can make sizable contributions for yourself and any eligible employees. There’s little administration, and tax filing isn’t required. And you can vary contributions from year to year—or even skip a year.

Who it’s for:
Businesses of any size
Key features:

  • Permits a higher level of salary deferrals by employees than other plans

  • Optional annual employer contributions 

  • Greater plan customization

Who it’s for:
Owner-only businesses or those with just a few employees​

Key features:

  • No IRS filing or reporting 
  • Allows for contributions for you and any employees 
  • Easy to administer

Individual 401(k) Plan

SIMPLE IRA

At VALUESQUEST, we have the specialized knowledge of the retirement plan industry necessary to help you answer this question. Ensuring that fees are reasonable can help you deliver the best value to your participants and, in turn, help them accumulate bigger retirement account balances.

A Savings Investment Match Plan for Employees (SIMPLE IRA) is an easy and low-cost way to set up a retirement program for self-employed individuals and small businesses with 100 or fewer employees. Eligible employees can fund their own Simple IRA accounts through regular salary deferrals and Employers make additional contributions.