Anyone Offer a Retirement Plan for Their Employees?

Our local bank has been trying to sell us on a SIMPLE IRA plan for our business. (We have 12 employees.) I would like to have some type of retirement plan in place as a benefit to help with attracting future employees.

I do not have the time or knowledge to administer the plan. The bank is a good customer of ours and we are a customer of theirs. They are proposing a $500 yearly administration fee plus 1% of the Market Value. The fees sound kind of high to me. Just wondering if anyone else has any experience with this? Thanks!

We have a simple IRA with a 3% match. We don’t have annual fees or anything like that. The $500 fee seems wrong. 401k’s usually have management fees like that.

Simple IRA. We dollar for dollar match the employee contribution up to 3% of their gross earnings. It’s tax deferred Comp on both ends so win/win