This presentation provides an overview of the types of retirement plan options for small business owners including:
- Different types of IRAs such as payroll deduction IRAs, SEP IRAs, and SIMPLE IRAs.
- Different types of 401(k) plans such as safe harbor 401(k) plans and profit-sharing plans.
- Defined benefit traditional pension plans.
- The presentation highlights the benefits the employer receives from sponsoring retirement savings plans for their employees and explains how the individual features of the different retirement plans may be uniquely beneficial to the specific needs of each small business and their workforce.
BIO: Molly is a benefits advisor with U.S. Department of Labor, Employee Benefits Security Administration (EBSA). EBSA is a Department of Labor regulatory agency that oversees the management of private employer sponsored retirement plans and health insurance plans covered under ERISA. Through her work at EBSA, Molly has conducted outreach to many small business development centers to provide education about the advantages and responsibilities of sponsoring benefit plans for their employees. Prior to working at U.S. Department of Labor, Molly worked for 5 years at the Social Security Administration.