The Internal Revenue Service has created a new Web-based tool to help
small business owners determine which tax-favored pension plan best
suits their needs and how to keep their plans in compliance.
The IRS Retirement Plan Navigator
is intended to provide employers with an easy-to-use guide that focuses
on three areas: choosing a plan, maintaining a plan and correcting a
plan.
By using the navigator, employers may find that choosing and
maintaining a pension plan is not as daunting as they thought. Some plan
types are less costly and easier to establish than others.
The navigator does not suggest which plan may be best for a
specific employer but it does lay out the options to allow them to
choose one that best fits their situations. The navigator includes a
side-by-side comparison of pension plans and their requirements.
The navigator provides a checklist and suggested resources for
maintaining compliance. Pension laws change frequently. Employers can
minimize problems by doing a once-a-year review to ensure they maintain
compliance.
For more of these, click here. What do you think?
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