should I offer my employees 401k or IRA

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by a searcher from Northwestern University - Kellogg School of Management
in Chicago, IL, USA

2yrs ago

should I offer my employees 401k or IRA

what are the pros/cons as the business owner in which plan we offer? will do a ~2% match.
is the biggest con for employee the contirbution limit of $7k IRA vs $23k 401k?

Thank you for the insight!

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reply by a searcher 1yr ago
from Northwestern University in Bozeman, MT, USA

Definitely worth noting the retirement plan tax credits available to employers under the SECURE Act, (which took effect in 2019 and was later expanded and revised inredactedSECURE 2.0 rolled out $16,500 in tax credits over a plan's first three years. In addition an Automatic enrollment credit, Employer contribution cost credit, and Military spouse credit, for businesses with 50 or fewer employees, the credit covers 100% of administrative costs for the plan’s first three years (which is the biggest cost for most employers adopting a 401k.). Check out Guideline which is a pretty low cost robo solution and came highly recommended to us by our CPA.

reply by an investor 1yr ago
from University of Pennsylvania in Dallas, TX, USA

If you have over 100 employees, there are benefits to being part of a PEO's 401k plan such as no audit fees and shifting the 401k fiduciary risk to the PEO