Special Tips
Shop Around
Make sure to shop around and get several quotes--annual fees can vary drastically.
Survey Your Staff
Get a sense for how eager employees are to contribute to their accounts. The fixed contribution may be more cost-effective if employees decide not to defer their salaries.
Different Needs for Growing Companies
As you grow, you may find that a 401(k) plan may make more sense. By the same token, tight cash flow might mean that the SIMPLE-IRA may need to be temporarily put on hold.