One option to consider is a simplified employee pension plan or SEP, which allows you to make contributions toward your employees’ retirement as well as your own. There are three ways to set up a SEP:
1. Create your own with the help of a financial advisor
2. Use the IRS standard form
3. Use a pre-formatted plan offered by a bank or insurance company
In the case of the prepared plan, the financial institution should provide help in explaining the plan to eligible employees and assist them in setting up their accounts. There are many exclusions and limitations that apply, so you should start by talking with a financial professional.