Briefly describe why each particular plan would not be good

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Jim, age 52, just started a consulting company. He currently employs seven people, who range in age from 22 to 31. Jim estimates that the average employment period for his employees will be about three years. He would like to start a retirement plan that will favor older participants and contain an appropriate vesting schedule to maximize Jim's benefits.

In addition, he would like the employees to bear the investment risk of the plan. He is considering a SEP plan, SIMPLE-IRA, target benefit plan, defined benefit pension plan, and cash-balance pension plan.

Indicate which of these five plans would be best for Jim and discuss why it is the best choice. Also, for each of the other plans, briefly describe why each particular plan would not be a good choice.

Reference no: EM133265039

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