• Half who use a Self-Employed 401(k) did not know the maximum annual employer contribution allowed for this plan;
• Nearly two-thirds (60%) with SIMPLE-IRAs were not aware that employer tax filing is not required; and
• More than half (55%) using a SEP IRA did not know that the plan is funded solely by employer contributions.
In addition to uncovering a knowledge gap among respondents who currently have a retirement plan, 100 small-business owners who do not have a retirement savings plan were surveyed. The top reason (34%) cited for not having a retirement plan is the perception that it is too expensive.
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