Troy, MI (PressExposure) May 20, 2009 -- Michael McGee is a financial advisor specializing in retirement planning in the Metro Detroit area. Michael recently spoke to a group of small business owners about the benefit of offering a SIMPLE IRA plan for employees. âThis is a retirement plan that is easy to administer and it offers options that are both flexible and substantial,â explained McGee.
Michael explained the requirements a business must meet to qualify for the SIMPLE IRA plan, âYour business must not offer another retirement plan and they must have 100 or fewer employees who earned $5,000 or more during the previous calendar year.â
The group of business owners learned the benefits of the plan and they were impressed with how easy the plan is to set up and operate; start-up costs and administrative expenses are low and the financial institution where the IRA is set up takes care of the necessary annual financial reports. âBusiness owners may qualify for a tax credit of up to $500 per year for the first 3 years to offset the costs associated with the SIMPLE IRA Plan,â said Michael.
âSetting up the SIMPLE IRA Plan is easy for small business owners,â said McGee. âYou choose an institution to be the trustee to the retirement account; the trustee must be a bank, mutual fund, insurance company that handles annuity contracts, or other financial institutions that are approved by the IRS.â
Michael described how the plan works, âOnce the plan is set up, it operates on a calendar year basis. The business owner provides the necessary information to the financial institution and employees are provided a copy of the plan document and summary description. Employees can make contributions and employers can match the contributions as described in the plan.â
Michael McGee has over 30 years experience in the financial industry as an investment advisor and financial advisor. Michael specializes in financial planning and retirement planning for consumers and business owners. To read more articles written by Michael McGee, visit his blog at http://wealthbuildingdetroit.blogspot.com/
Contact: Michael S. McGee, MBA Financial Advisor 888 West Big Beaver Suite 850 Troy, MI 48084 248-720-0300 Email: email@example.com This press release was submitted by Right Now Marketing Group, LLC