Choosing the best retirement plan for small business owners and their employees is no simple matter. Learning the nuances between a traditional IRA, including the Simple IRA and SEP IRA, can make your head swim. Add to that 401k plan options like Traditional, PEP, Solo, Roth, and Safe Harbor 401k, and you’re practically under water.
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Health Reimbursement Agreements (HRAs) have been around since the 1970s, but are getting more attention due to the recent changes implemented by the Departments of Health and Human Services, Labor, and Treasury. On June 13, 2019, they issued a new rule beginning in 2020 that allows employees to use an HRA set up by their employer to pay for health insurance premiums, a perk that was not allowed under previous HRA rules.