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Small Business Retirement Plans

Small Business Retirement Plans

Why have a small-business retirement plan?

Here are 3 very compelling reasons:

  • Your plan not only helps secure your future—it may be the primary way your employees can help secure theirs.
  • Offering a plan helps make your business competitive when it comes to attracting and keeping good employees.
  • There are potential tax benefits to offering a plan, because plan contributions for the business owner are deductible as a business expense.

Basically, there are 4 types of retirement plans that small-business owners might consider:

  1. Simplified Employee Pension Plan (SEP IRA)
    • For self-employed people and small-business owners with any number of employees. Contributions are made by the employer only and are tax-deductible as a business expense.
  2. Savings Incentive Match Plan for Employees (SIMPLE IRA)
    • For businesses with 100 or fewer employees and is funded by tax-deductible employer contributions and pretax employee contributions [similar to a 401(k) plan].
  3. Self-Employed 401(k) plan
    • For self-employed individuals that offers the most generous contribution limits of IRA plans, but is suitable only for businesses with no “common law” employees, meaning any person working for the business who does not have an ownership interest.
  4. 401(k) plan and Safe Harbor 401(k)
    • For businesses funded by tax-deductible employer contributions and pretax employee contributions. May also provide Profit Sharing contributions. Safe harbor 401(k) plans can be a great choice for small businesses that have trouble passing 401(k) testing.

401(k) Retirement Plan Administration Services

JST and TD Ameritrade provide 401(k) plan administrative services including:

  • Compliance and Coverage Testing ; Safe Harbor
  • Employer contribution modeling and allocation
  • Expert advice on operating your plan most effectively
  • Annual reviews to ensure plans are operating effectively and meeting goals and objectives

Each client is assigned a TD Ameritrade Plan Specialist, a retirement plan expert, who acts as the single point of contact and is responsible for all plan administration matters.

small business retirement plans

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