Small employer, non-profit, small budget. So it must be 1.) Easy, 2.) Inexpensive.
The retirement plan options I've found so far (most are not appropriate, I know):
- State pension plan - not eligible
SEP IRA - no employee contributions, so not what *I* want
SIMPLE 401(k) - never heard of this before, but seems rare
Solo 401k - not appropriate
Which others would be inappropriate, and for what reasons?
Which would be the best contenders?
For those, who would be the best custodians to work with, and for access to low cost index funds, and low set-up and ongoing fees? Small here means 5 employees at most, possibly only 3. I'd be willing to take on some ongoing paperwork, etc. to manage it, but the board may view it as a conflict of interest for me as a staff member, unclear if it's an option.
As background, my employer has something of an endowment fund. It is actively managed by Wells Fargo. The director offhandedly mentioned maybe tossing the idea of a retirement plan to that manager to see what options he comes up with. After seeing the investments he has the endowment fund in, and his fees, I'm trying to prevent the board of trustees from just blindly handing this off to him, simply because they don't feel qualified to attempt a decision themselves due to lack of knowledge.