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Earlville, NY | We here in NY are required soon to offer a retirement plan to all employees. Most of my people are not interested, the last employee that had a Simple retired a while ago, my Dad always took care of that. I do have a few that are now interested in one. We are using a payroll company ( Quickbooks, I'm not sold on cost or ease of use for the newer cloud edition, that's a whole other can of worms), and they offer to set it all up, do all the management etc; but it costs $50 a month. I don't know yet but I don't know if that's one price or per employee. Still, that seems an excessive amount of money when we only match up to 3% of wages. Again, I haven't checked yet I thought about trying our own bank first. Or set it up myself; that's what my father did 25 years ago, of course it's probably more difficult now.
What do people do for their employees? We have 12-15 employees, no expectation of adding more any time soon. Investment of mutual funds I know a bit about, but not setting up for others. Any advice appreciated! | |
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simple IRA
