Putting into place a retirement plan at your company can seem daunting. There are so many options. Plan sponsors need to set goals and determine what type of plan they want.
Ary Rosenbaum, a New York attorney with The Rosenbaum Law Firm P.C., has come up with 10 things all plan sponsors should do before starting a retirement plan.
1. Determine how many employees you have. This may sound like a no-brainer, but the number of employees will determine what type of plan you can implement and how expensive it will be. Rosenbaum points out that using "easy" retirement plans, like SEP-IRAs or SIMPLE-IRAs "may not be a good fit with a company with employees because the trade-off in using a plan with no administrative cost is that you have to make required contributions to employees.
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