My wife is trying to set up a retirement plan (9/4/208). She had an employee (employee started as a regular paid in 12/05) and employees some of the kids (under 5k a year).
she wants to set up a retirement plan and is looking into setting up a simple (in order to avoid the mandatory match for SEP).
I get the impression that the kids can be excluded, but is the now- terminated employee eligible? If so, what is the means of notification?
Any thoughts on (requiring use of the same inancial institute that the wife will be using) vs (having the employee pick their own)? How do I match if the former employee makes contributions on their own (since we no longer pay them). If former employee contributes on their own, how does wife found out about it?
thanks!