Ben is a fantastic manager at your restaurant. Your customers compliment your amazing service and you know it’s because of his work. Recently, he’s asked about retirement savings. You can’t imagine there’s enough room in the budget to offer a 401k plan. You start to worry. What if your amazing employee leaves to work somewhere with better benefits?
This is an all-too-common situation for small business owners. But, there are options that don’t require a small business to invest in a 401k plan. One of them is offering an employer sponsored Individual Retirement Annuity (IRA). There are two options for these annuity retirement plans: a Simplified Employee Pension (SEP) IRA and a Savings Incentive Matching Plan for Employees (SIMPLE) IRA.
Read the entire article from Auto-Owners Insurance here.