SEP (Simplified Employee Pension Plan)
A SEP IRA allows employers and self-employed individuals to establish a simple business retirement plan. The plan is flexible and allows you to make deductible contributions directly to a Traditional IRA for all qualified employees. As the employer, you may choose whether or not to make contributions from year to year.
SIMPLE-IRA (Savings Incentive Match Plans for Employees)
A SIMPLE-IRA is for companies with less than 100 employees who do not have another qualified retirement plan and are looking for a plan that is flexible and partially funded by employees. Employer contributions are not currently taxable to the employee and earnings accumulate tax deferred.
Single (K)
If you own a family business and you employ only immediate family members, including your spouse, grandparents, children, and/or grandchildren, this plan is a great option for you.
401(k)
A 401(k) is a salary deferral plan for employers. Employer contributions to the plan are tax-deductible to the business* and the plan may provide a voluntary employer matching fund. The employer may make discretionary contributions any year, as long as allocation is nondiscriminatory.
Profit Sharing Plan
A Profit Sharing Plan allows you to control your company's plan. You have the option to make a discretionary contribution on behalf of your eligible employees and can choose to vary your contribution from year to year.