Retirement Plans Comparison Tool

Note: The SECURE Act 2.0 of 2022 made significant changes to the rules governing small business retirement plans. Among other things, this new law opens the door to Roth funding alternatives through SEP and SIMPLE IRA plans and provides expanded employer funding options under SIMPLE IRAs. These enhanced funding options, however, cannot be incorporated into small business retirement offerings until additional guidance is provided by federal regulators. This tool reflects the funding options currently available under various small business retirement plan offerings. The tool will be updated to reflect expanded funding options under SECURE 2.0 once sufficient regulatory guidance is available.

When it comes to retirement savings, small business owners and independent contractors have a number of tax-favored options available including
  • SEP IRA Plans,
  • SIMPLE IRA Plans,
  • Profit-Sharing Plans, and
  • 401(k) Plans.

While it’s great to have multiple options, sometimes the sheer variety of alternatives can be overwhelming. The Retirement Plans Comparison Tool is designed to help simplify the plan selection process.