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Employee benefits and retirement plan solutions Trends and Insights 3 affordable
ways small business owners can start a retirement plan for employees


3 AFFORDABLE WAYS SMALL BUSINESS OWNERS CAN START A RETIREMENT PLAN FOR
EMPLOYEES

Offering a retirement savings plan can help employees feel valued and more
financially secure. Walk through three options that help simplify the process.


2 min read | October 18, 2023

Considering starting a retirement plan for your employees—but concerned your
organization is too small or a plan will be too expensive? You’re not alone.1

Fortunately, starting a small business 401(k) plan could be free with tax
credits to cover both the start-up costs and offset matching contributions,
thanks to SECURE 2.0 legislation.

Taking advantage of these tax incentives can also help you attract and keep top
talent: Employees say after health care, a retirement plan is the most important
benefit employers can provide, according to Principal Financial Well-Being
Index.2

Here are three realistic small business retirement plan options that can help
simplify the process and reduce required resources.


1. STREAMLINE YOUR EFFORTS WITH A DIGITAL, SELF-SERVE RETIREMENT PLAN.

Automated options help simplify the initial plan design and purchase process.
And ongoing administration is typically quick and efficient.

With Simply Retirement by Principal®, for example, you can get a plan up and
running in just a few weeks. While everything can be done online, help is just a
phone call away if you need it.


2. OUTSOURCE MAINTENANCE AND ACCESS SCALED PRICING BY JOINING OTHER EMPLOYERS IN
A PLAN.

A multiple employer plan (MEP) or pooled employer plan (PEP) is a plan set up
for several employers to use at once.

By joining forces with other employers, you can take advantage of group pricing
and reduce your involvement by outsourcing time-consuming administrative tasks.
This option also shifts some of the fiduciary risk and investment
responsibilities off you and onto the plan provider. SECURE 2.0 tax perks apply
when you join, even if the plan previously existed.

Ask your financial professional about our PEP offering, Principal® EASE. If you
don’t already have one, we can help connect you to a financial professional in
your area.


3. LEAN ON A RETIREMENT PLAN PROFESSIONAL.

Prefer to set up your own small business retirement plan? Financial
professionals, third-party administrators, and plan service providers can
provide support on every step of decision-making and tailor your benefits based
on your business plan and budget.

They can help you understand your options and ensure you’re getting the most out
of SECURE 2.0.


WHAT'S NEXT?

Take the next steps to help grow your business.


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--------------------------------------------------------------------------------

1https://www.plansponsor.com/three-four-small-businesses-dont-offer-401k-plan/

2Principal Financial Well-Being Index, February 2023 (PDF)

This article is intended to be educational in nature and is not intended to be
taken as a recommendation. Simply Retirement by Principal® 401(k) plan
recordkeeping, and administrative services are provided through Decimal, Inc.
dba Ubiquity Retirement + Savings ("Ubiquity"). Ubiquity is not affiliated with
any plan and investment administrative services provided through Principal Life
Insurance Company® or affiliated with any company of the Principal Financial
Group®. Principal makes available the Separate Accounts and collective
investment trusts for customers to select them through Simply Retirement by
Principal. All other services and mutual funds are provided by service providers
not affiliated with any company of the Principal Financial Group. Refer to
related documents and agreements for more details on plan services available.
Mutual fund, separate account and collective investment trust trade instructions
are processed by Matrix Settlement & Clearance Services, LLC through the NSCC
Membership of its affiliate, Matrix Trust Company.

Simply Retirement by Principal® requires a client service agreement between
Ubiquity and the plan sponsor (Customer). In addition to and as part of the
services, each Customer will sign separate agreements with the following
parties: (i) custodian (ii) 3(38) investment manager, and (iii) Principal Life
Insurance Company, a Comprehensive Retirement Program (PCRP) offered through the
Modular Group Annuity Contract for separate accounts, and a declaration of trust
for Principal collective investment funds. Simply Retirement by Principal
services, costs and resources are subject to change.

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