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Already offering a retirement plan? You probably still have questions about your responsibilities and options. You may also need assistance in communicating accurate and timely information about the plan to employees.
Employees often go to their employers when they are looking for information about retirement savings. Take advantage of our consumer publications that explain the importance of saving for retirement and how to get started.
In addition, the U.S. Department of Labor provides information for employers and other professionals about compliance assistance for retirement plans. Here are just a few of our publications:
After health insurance, retirement plans are the most popular benefit that businesses offer their employees. In addition to providing a valuable service to employees, sponsoring a retirement plan can be advantageous for employers - even small business owners. These advantages include:
Small Business Retirement Savings Advisor - This interactive tool offers retirement plan options based on your responses to questions such as the number of employees and whether or not you will match employee contributions. The tool contains a thorough description of each type of plan, a comparison chart, and reporting information for each type of plan, and provides copies of the forms for establishing certain plans.
Choosing A Retirement Solution for Your Small Business - This publication describes the retirement savings options available to small businesses. In addition, there are publications on the following types of options:
Small businesses employ nearly half of the private-sector workforce in the United States. In fact, many of today's workers get their first job and basic skills working for a small employer.
Starting a small business retirement savings plan can be easier than many people think. What’s more, there are a number of retirement programs that provide tax advantages to both employers and employees. In addition, a retirement plan can help attract and retain talented workers, and employees and owners alike can benefit from significant tax savings.
For more information on types of plans and what might work best for you, see Choosing A Retirement Solution for Your Small Business. In addition, there are publications that describe different plan options, including: Automatic Enrollment 401(k) Plans For Small Businesses, 401(k) Plans For Small Businesses, SEP Retirement Plans for Small Businesses, SIMPLE IRA Plans for Small Businesses, and Payroll Deduction IRAs For Small Businesses.
The Small Business Retirement Savings Advisor is an interactive tool that provides answers to a variety of questions about retirement savings options for small business employers and determines which program is most appropriate for a business.
The Choosing a Retirement Solution for Your Small Business video helps small employers and accountants understand the various options for providing a retirement program through four real-life experiences.
Many people work for themselves, either full-time or in addition to their regular job. If you are self-employed, you have several tax-deferred retirement plan options to choose from.
SEPs (Simplified Employee Pensions) and SIMPLE IRAs can be easily set up through a bank, mutual fund, or other financial institution. See the Department of Labor’s booklets about these easy, low-cost retirement plan option to decide if one might be right for you.
These options and more are covered in the following Department of Labor publications and resources:
Plan sponsors and other fiduciaries have a responsibility to protect the interests of the workers and retirees in their benefit plans. The Department's program - "Getting It Right - Know Your Fiduciary Responsibilities" - will provide employers and plan officials with an understanding of the law and their responsibilities and will focus on steps for avoiding the most common problems EBSA encounters in its enforcement activities. The program will emphasize the obligation of plan sponsors and other fiduciaries to:
The Fiduciary Education Campaign includes nationwide educational seminars and webcasts to help plan sponsors understand the rules and meet their responsibilities to workers and retirees, thereby improving their financial security. The campaign also includes educational materials on topics such as understanding fees and selecting an auditor. EBSA is sponsoring the campaign in partnership with the Society of Human Resource Management and the American Institute of Certified Public Accountants.