If this type of simple retirement plan
might work for your company, you have until October 1 to decide on establishing a plan for 2015.
For this edition of a text/CD-ROM package for students in accounting, Bieg (Bucks County Community College) includes a CD-ROM of ADP's PC/payroll tutorial for Windows, plus a CD-ROM of Excel templates for use with the text's payroll project, which has been expanded to include the integration of a SIMPLE retirement plan
To use the Simple Retirement Plan
, an employer must have no more than 100 employees receiving at least $5,000 in compensation.
It's called the SIMPLE retirement plan
, but choosing it may not be all that simple for small-business owners looking for a retirement program for their employees.
There are several advantages to the SIMPLE retirement plan.
There are some disadvantages to the SIMPLE retirement plan.
To remedy this situation, Congress created the Savings Incentive Match Plan for Employees, or SIMPLE retirement plan
(also discussed by Stanley Person in this month's Tax Briefs, page 32).
The SIMPLE retirement plan
is designed to encourage greater participation by small businesses by making compliance with the legal provisions easier through fewer and simpler rules.
Individual savings policies and group savings policies are two kinds of private benefit plans that are available in the country, whose purpose is to provide simple retirement plans
with accumulated investment earnings, vesting and flexible retirement options
While the guide provides very detailed coverage of distributions from employer-sponsored qualified retirement plans, an excellent analysis of distributions from individual retirement arrangements (IRAs), simplified employee pensions (SEPs), SIMPLE retirement plans
, Roth IRAs, and tax-sheltered annuity arrangements of tax-exempt organizations is also provided.