+1 206 302 0063

Retirement Plans That Decrease Complexity for Your Business

When you run a business, there is a lot on your plate. Choosing less complex ways to do things can help you reduce your own stress and better be able to complete these projects. To simplify retirement plans for your employees, choose from one of the following plan options.


An SEP-IRA plan is a type of retirement plan that can be incredibly simple for business owners. For this type of retirement plan, you work with your employee to decide upon an amount to contribute each month. This amount is taken out of the employee’s salary and can be added either to an individual retirement account or an annuity. Many business owners choose this type of retirement plan for their employees because it has one of the easiest contribution processes of all retirement plans. It can also be beneficial because the limitations are much higher than other traditional retirement plans. However, the downside to this is that you are required to give the same contribution amount to each employee, which can be less than ideal if you have multiple employees.

Safe Harbor Plan

A safe harbor retirement plan is a type of 401(k) plan that can be beneficial for employers and employees alike. This type of plan ensures that every employee will receive an employer contribution to the account. In exchange for this guarantee, the employer can avoid any nondiscrimination testing from the IRS. With a safe harbor plan, you create a fixed contribution percent to give each employee. This helps them feel more appreciated, and also ensures that each employee is given a fair contribution based on their salary. However, this type of retirement plan also makes things easier for you. Safe harbor plans help you avoid complicated compliance tests with a retirement plan.


Especially if you run a small business, a SIMPLE IRA plan can be a beneficial option for your employees. This type of retirement plan has low contribution and matching requirements for employers, leaving your employees with greater freedom to contribute to their accounts. One big benefit for you as a business owner is that there is no setup fee for this kind of plan. Your employees will be in charge of paying any beginning costs that come up. As for your contributions, you have the option of contributing 2% to every employee account, or matching 3% of whatever your employees contribute. The versatility of this plan can be a helpful option for many business owners.
One of the most important benefits you can provide for your employees as a business owner is a retirement plan. These plans help employees save up for their retirement and allow them to feel more secure in their position at your company. Choose from these retirement account options for an easy process.