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Payroll Deduction IRA

Providing valuable benefits for your employees doesn't have to be difficult or costly. With a Payroll Deduction IRA Service, it isn't - in fact - it has no cost to the employer. It's basically the employees' own IRA's, the employer simply facilitate the contribution process by setting up the deduction out of employees' payroll checks.

FileTax's value-added Payroll Deduction IRA service gives you the opportunity to add to the benefits you offer your employees by providing them with a flexible and easy way to save for retirement (or toward the purchase of first home, etc. See the "exceptions" under "early distribution" in this IRS article about traditional IRA's. Roth IRA's also have first-time home buyer exception.)

Benefits For employers:

  • A value-added employee benefit
  • No setup fees or plan costs
  • Easy administration
  • No fiduciary liability
  • No company contributions
  • Any size business can provide this.

Benefits for your Employees:

  • Can change or terminate the plan at any time
  • An easy way to implement dollar cost averaging* and a regular investment plan*
  • Choice to fund a Traditional IRA or a Roth IRA.
  • Option to fund IRAs on behalf of non-working spouses
  • Regular contributions are automatically deducted from their paychecks

For a "second opinion" and contribution limits, visit IRS's "Choosing a Retirement Plan: Payroll Deduction IRA" page.

Yes it is true that there is no deductions for your business. But that's simply because the company does not make any contribution for the employees. Payroll Deduction IRA is really a "no-fuss" way (quoated right out of the IRS article) to help retain employees and help them save for their future. Especially for small businesses, because this service takes so little effort, it makes so much sense.

Call us today at (415) 202-8555 to find out how easy it is to set up this service for your company.

Employees please also feel free to call. With such easy administration, it shouldn't be difficult to convince your employer to offer this service. (Once set up, it pretty much goes on "auto pilot.") If your employer is unwilling to set up a service that costs no money, perhaps you want to re-evaluate how much your employer value you as a member of the organization anyway.

* Automatic investment plans do not assure a profit or protect against losses in declining markets. Since such plans involve continuous investments regardless of price levels of fund shares, investors should consider their financial ability to continue purchases through periods of low price levels 

This material is provided for general and educational purposes only, and is not intended to provide legal, tax or investment advice. Individuals who wish to invest in retirement plans should contact their tax and financial advisors regarding their specific legal or tax situation.

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