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Online 401(k)Plan
SIMPLE-IRA Plan
SEP-IRA Plan
Checklist Payroll Deduction Program
Feature Definitions
Plan Comparisons
SEP-IRA Plan Checklist
Well-suited for employers who:
How Does It Work?
You make voluntary tax-deductible contributions for yourself and for your eligible employees.
What Are the Advantages?
Advantages for you:
- A retirement plan can help recruit and keep quality employees.
- Contributions are discretionary. You decide how much to contribute each year (up to 25% of pay.)
- It's easy to establish. You have until your tax filing deadline, including extensions.
- Contributions can be deducted from corporate taxes as a business expense.
Advantages for employees:
- Taxation of earnings on the amount saved is deferred.
- It builds a part of retirement savings.
- The contributions are made by you, not the employees.
Is It Right for My Business?
A SEP-IRA may be a good plan design for you if the following statements match your retirement plan objectives and capabilities:
- I want to fund the plan - employees don't make contributions.
- I don't have administrative expenses associated with the plan.
- An ongoing administrative contact is not necessary. Support through an 800 phone number is fine.
- I don't want to bother with much annual compliance testing or IRS reporting.
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Principal Financial Group. All Rights Reserved. |