Retirement Plans for Small Employers

Summary

This practice note describes retirement plans that are popular with or designed for small employers. The practice note highlights the key features of, and differences among, various employer-sponsored retirement vehicles for the small employer, including both individual retirement account (IRA)-based plans and non-IRA based plans such as SIMPLE 401(k) and prototype qualified plans. Changes under the SECURE 2.0 Act (Division T of Consolidated Appropriations Act, 2023 (Pub. L. No. 117-328) affecting these plan designs are addressed in this practice note.