Do you have a simple ira and want to switch to a 401K?

If so, now is the time to switch.  Here's why.

There are numerous retirement plan options for businesses today, but choosing the right one for your company is an important decision. While SIMPLE IRA's offer a quick, simple solution - a 401K offers additional benefits to your business.

Simple IRA vs 401k

The Advantages of a 401k Over a Simple IRA

• More flexibility in plan design
• Much larger contribution limits for your employees
• The employer is not required to make contributions on behalf of their employees
• There is no limit to the number of employees participating in the plan

Why Now is the Time to Switch

If you want to make the move to a 401k, IRS rules do not permit you to terminate your SIMPLE IRA plan mid-year. Once started, you must continue your SIMPLE IRA for the entirety of the calendar year, funding all contributions promised in the employee notice.

Ready to Make the Switch?

We can provide a sample termination notice to send to your employees and help you with the transition to your new 401k plan. We can help determine the appropriate 401k plan design & provider before the end of the year while maintaining continuity and without the constraint of an IRS deadline.