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Mid Michigan | I wouldn't even consider the 401k. Give him a 6% bonus at the end of the year that he can invest in his own roth ira or something on his own or not. The 401k is not going to help with retaining employees. If it were a defined pension plan it's likely you would have as many employees as you wanted and they would stay 30 years. 401k, not so much. Lol. All the places around here offer 401ks and they have a revolving door of employees every week. My sil runs a successful business with 25 employees and suggested a 401k. Only 2 of them were even remotely interested in it so they didn't persue it. | |
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Setting up retirement plans for employees?
