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Small Business

Explore workplace retirement plans for your small business

You can contribute significantly more to a workplace retirement plan than to a traditional or Roth IRA, reduce taxes now and pay taxes later.

Workplace Retirement Plan Benefits

Potentially reduce your business taxes with tax-deductible contributions

Let earnings grow tax‑deferred until they are withdrawn

Attract and retain employees in a challenging labor market

Diversify your retirement strategy beyond your plans for your business

Question:
How much more can I contribute to a workplace retirement plan than to a traditional or Roth IRA?
 
Answer:
Depending on which plan type you choose, you may be able to contribute nearly ten times more than a traditional or Roth IRA alone (up to $69,000 compared to $7,000 for 2024).Footnote 2

Find the plan that can meet your needs

Merrill has a workplace retirement plan that's right for you, whether you're the only one working for your business or you're considering your employees' needs too.

SIMPLE IRA

If you have 100 or fewer employees, make mandatory contributions to an easy-to-manage plan with potential tax advantages.Footnote 1

SIMPLE IRA Features

Open your account online and you won't have program or administrative fees
Take advantage of tax breaks for you and your employeesFootnote 1
Choose from a full range of investment choices at Merrill

Small Business 401(k)

Attract and retain talented employees with a low-cost 401(k) plan designed for small businesses.

Small Business 401(k) Features

Contribute more than 3 times the limit of a traditional IRAFootnote 2
Access potential tax advantages for you, your business and your employeesFootnote 1
Choose from a menu of funds chosen by Morningstar.Footnote 3

SEP IRA

Contribute as your cash flow allows with limits nearly 10 times higher than the limits for a traditional IRA.Footnote 1

SEP IRA Features

Reduce your admin with a SEP IRA, a plan that requires less paperwork
Decide how much you want to contribute
Choose from a full range of investment choices at Merrill
Of the business owners facing labor shortages, 83% are taking additional steps to retain employees and attract new talent.Footnote 5

Individual 401(k)

As the owner, make contributions that are generally tax deductible by the business and contribute as an employee to reduce your taxes.Footnote 1

Individual 401(k) Features

Choose to withdraw funds when you need them (taxes may apply)Footnote 4
Reduce your taxes while having access to your money through loansFootnote 4
Choose from a full range of investment choices at Merrill

SEP IRA

Contribute as your cash flow allows with limits of up to $66,000 for yourself and each eligible employee

SEP IRA Features

Reduce your admin with a SEP IRA, a plan that requires less paperwork
Decide how much you want to contribute
Choose from a full range of investment choices at Merrill
More than half of Merrill retirement plans belong to self-employed small business owners.Footnote 6

Managing finances for your business has never been easier

  • Simplify your account management with a single login for Merrill investing and Bank of America banking accounts
  • Access competitive pricing and outstanding customer service available through Merrill
  • Manage your plan and invest anytime, anywhere with our secure mobile app

Explore more benefits for your business available through Bank of America and Merrill

Check out all the Bank of America small business resources.
Plus, learn about rewards available through Bank of America Preferred Rewards for Business.

Explore all plans available for small business

Get more details about small business retirement plans available at Merrill and find the one that works best for your needs.

Ready to get started?

If you have questions, contact a specialist at 855.667.9451

Frequently Asked Questions

Footnote 1 For more information on contribution limits, visit irs.gov popup.

Footnote 2 Contribution and compensation limits are subject to an annual cost-of-living adjustment pursuant to the Internal Revenue Code. Contribution and compensation limits for subsequent years may vary. For additional details visit irs.gov popup

Footnote 3 Plan- and participant-level administrative and recordkeeping services for Merrill Small Business 401(k) plans are provided by Ascensus. Investment advisory and fiduciary services are provided by Morningstar Investment Management LLC, a registered investment advisor and wholly owned subsidiary of Morningstar, Inc. Morningstar Investment Management LLC is a provider of investment management solutions, including investment advisory and retirement plan services. Educational call center support will be provided by Ascensus. Bank of America Corporation, Ascensus and Morningstar Investment Management LLC are not affiliated.

Footnote 4 Please consider the advantages and disadvantages of taking a loan before initiating one. For more information about loans and withdrawals visit Know the facts about loans and withdrawals (PDF).

Footnote 5 Bank of America's Small Business Report (PDF). Published May 3, 2022.

Footnote 6 Based on internal data as of October 14, 2022.

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Investment products offered through MLPF&S and insurance and annuity products offered through MLLA:
Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value
Are Not Deposits Are Not Insured by Any Federal Government Agency Are Not a Condition to Any Banking Service or Activity

Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.

Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets.
Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Merrill offers a broad range of brokerage, investment advisory (including financial planning) and other services. Additional information is available in our Client Relationship Summary (PDF).

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, registered investment adviser, Member Securities Investor Protection (SIPC) popup and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp.").
Merrill Lynch Life Agency Inc. (MLLA) is a licensed insurance agency and wholly owned subsidiary of BofA Corp.

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

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