A good retirement plan is an excellent incentive that can help you keep your best employees on board. With PayChoice, businesses of any size can offer the type of plan and benefits that large corporations provide. PayChoice offers access to a wide variety of plans to meet unique needs and budgets:
- SEP Plan: This type of plan was designed for self-employed people and business owners with fewer than 25 employees. It allows you to defer taxes and make tax-deductible contributions for eligible staff with no minimum contribution requirements.
- IRA: An individual retirement plan (IRA) allows those who don't participate in a company-sponsored pension plan or individuals who meet income requirements to set aside tax-deferred money for retirement. Penalty-free withdrawals can begin as early as age 59-1/2.
- SIMPLE IRA: This savings incentive plan is sponsored by employers with fewer than 100 staff and helps employers provide great retirement benefits without all of the administrative fees, paperwork and other hassles associated with more traditional plans.
- 401(k): This type of plan enables employees to set aside tax-deferred income and provides employers an opportunity to match contributions and take advantage of significant tax liability reductions. Employee savings grow since taxes are deferred until withdrawal.
PayChoice can help you choose the type of program that meets your needs and provides your employees with a powerful financial planning tool, which increases their productivity. Our highly reputable financial partners and unparalleled technology tools allow smaller companies to offer retirement plans and services comparable to those offered by Fortune 500 firms.