Features and Benefits of SEP IRAs and SIMPLE IRAs (BSS2)

A challenge for many small business owners is choosing the right retirement plan for their businesses. Many hesitate to adopt a plan because they are intimidated by the governing rules and administrative requirements. SEP IRAs and SIMPLE IRAs can be practical solutions because they are relatively easy to establish, maintain, and communicate to employees with generally lower administrative costs than many qualified plans. This course explains the key features, benefits, suitability factors, and compliance requirements for SEP IRAs and SIMPLE IRAs. It also addresses important updates, including SECURE Act 2.0 provisions affecting Roth SEP and Roth SIMPLE IRA contributions, enhanced SIMPLE IRA catch-up contributions, and additional nonelective SIMPLE IRA contributions. Advisors will learn the questions to ask small business owners when evaluating plan options, determining employee coverage, and helping avoid operational mistakes.