As unemployment in this competitive job market remains at a record low, potential employees are looking for benefits like retirement plans. Unfortunately, the mandatory annual employer contributions of most pension plans can be cost-prohibitive for many small businesses. Quick Tips Fair enough.
All retirement plans require that employer contributions be consistent across all employees.
No playing favorites here. When checking options, see if employees have full flexibility about where they can invest their funds. Not every company does. They cost nothing but time to set up, and employers are not required to contribute. Moreover, SEP-IRAs are easier to set up and maintain than most retirement plans.