If you’re a small employer or self-employed, you may be busy trying to grow your business and haven’t thought about starting a retirement plan. Adopting a retirement plan benefits both the employer and employees.
- Employer contributions are tax deductible.
- Assets in a plan grow tax-deferred to retirement.
- A plan helps attract and retain employees.
- Small employers may receive a tax credit for new plans of up to $5,000/year for three years for the cost of setting up a new plan.
- A Saver’s Credit of up to 50% is available for contributions made by low- to moderate-income employees.
Some plans may be a better fit than others, depending on many factors. For more information, check out the plan comparison chart in Choosing a Retirement Solution for Your Small Business [PDF].
New Webpages for Small Employer Retirement Plans
Retirement Plans for Small Entities and Self-Employed has information for small employers and self-employed all in one place. You’ll find information on choosing a plan, maintaining a plan, filing requirements, how to find and fix errors, and a list of plan resources.
Small Employer Retirement Plans During Economic Downturns includes information for employers that are maintaining a retirement plan during a tough economy.
Webinar Posted: Retirement Plans for Small Employers and Self-Employed
The IRS posted the recorded version of January’s webinar, Retirement Plans for Small Employers and Self-Employed. It provides an overview of the key features of retirement plans for small employers and self-employed. This recorded webinar and others are available on IRSvideos.gov.
Find answers to many retirement plan questions on IRS.gov at Retirement Plans and Retirement Plan Forms and Publications.
If you need help with an account-specific question, basic information about retirement plan forms or the status of pending applications, call our Customer Account Services at 877-829-5500.
