ADP Launches Retirement Plan Service for Small Businesses

N/A recently debuted their Simple IRA Business Retirement Plan, a new salary deferral retirement product tailored to the needs of small and emerging businesses that provides tax incentives to both employees and employers.

This new retirement service is available to small businesses with 100 or fewer employees and has proven especially popular among early users with fewer than 25 employees. ADP's Simple IRA allows small business owners to provide retirement benefits to their employees through a plan that draws on the investment expertise of the country's largest money manager, Fidelity Investments.

ADP's Simple IRA removes the burden of setting up and administering retirement plans from small business owners so they can concentrate on more business-critical activities. This new plan is integrated with ADP's payroll services, so there is no need for small business owners to contact the fund manager to submit payroll data via telephone or fax. Through the program, both employees and employers may invest up to $6,000 a year in a tax deferred account and business owners may deduct matching contributions and receive additional tax savings.