That old joke is actually not a joke these days when it comes to government resources for small business retirement plans.
The two agencies with oversight responsibility for qualified plans, the Internal Revenue Service (IRS) for tax aspects and the Department of Labor (DOL) for reporting, disclosure, and fiduciary matters both provide excellent resources for small businesses. In an earlier post, I provided a link to an IRS video workshop for small business. Now it’s the DOL’s turn.
Yesterday the DOL held a Small Business Employee Benefits Seminar in Chicago on both Retirement Plan Options in the morning and Health Plan Compliance in the afternoon. The morning session which was the only part I attended provided an excellent overview of:
- IRA based plans: Payroll Deduction IRAs, SEPs, and SIMPLE IRAs
- Defined contribution plans: safe harbor 401(k), 401(k), and profit sharing
- Defined benefit plans
One of the best handouts was the DOL’s brochure, Choosing A Retirement Solution for Your Small Business, which contains a chart comparing the above-mentioned plans. Click here (PDF) for a copy.