To stay competitive in the tight job market, more remodelers are offering retirement benefits. It used to be too expensive for an employer with fewer than 50 employees to offer such a retirement plan, but today the cost to the employer can range from nothing to roughly $2,000 a year and includes high-quality investments for employees. Because not every small employer can pay $2,000 per year to run a 401(k), sharing costs with employees is another possibility. And if you can’t afford any administrative costs at all, a Simple IRA might be your best choice.
For more information on retirement plans, visit www.troweprice.com/smallbusiness.
Source: Wall Street Journal