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Compliance April 9, 2008
DoL Offers New Information Channel for Employers
Small businesses wondering about the best retirement plan design have a new resource from the government.
Reported by Nevin E. Adams
The U.S. Department of Labor (DoL) has released a new online video to help small employers and accountants understand the various options for providing a retirement program for their employees. “Choosing a Retirement Solution for Your Small Business” introduces employers to the three most popular retirement arrangements, according to a press release.
The video portrays real-life experiences of four small employers that operate a simplified employee pension (SEP), a savings incentive match plan for employees, an individual retirement arrangement (SIMPLE IRA), and 401(k) plans. The video focuses on the ease in setting up a retirement program appropriate for small-business owners as well as the advantages of sponsoring a retirement plan, including tax breaks and as a tool to attract and retain a quality workforce.
“Today, there are many retirement plan options for small employers. The experiences of the small-business owners featured in the video show how simple and valuable a retirement plan can be for small businesses,” said Assistant Secretary of Labor for Employee Benefits Security Bradford P. Campbell.
The video, which was developed with the assistance of the American Institute of Certified Public Accountants, is available online for download here.
Visitors to the site also may place DVD orders. Free copies of a companion booklet of the same title are available online at www.dol.gov/ebsa (under Publications) or by contacting the Employee Benefits Security Administration toll free at 866-444-3272.