As a business owner, you may need a quick and economical way to contribute toward your employees' retirements. A Simplified Employee Pension (SEP) plan may be worth your consideration. Pension plans are for businesses of any size, including self-employed individuals. In order to be eligible, employees must be age 21 or older and employed by the company for three of the last five years. IRAs are established for each individual and funded entirely by the company. Employer contributions are discretionary and each employer may determine the amount or percentage that will be deposited into the accounts each year.
Want to talk to someone about a pension plan arrangement for your business? Call Jeff at Richard Financial Resources, LLC today.