WELLESLEY, MA — If Bruce Fenton had his druthers, all hvac contractors would get on the phone and ask his advice on starting a company pension plan. But if that doesn’t happen, he at least wants business owners to explore the benefits of having a retirement plan in place.
“If you are self-employed and work solo, or own a company with a handful of employees, you can start a pension plan with benefits equal to, or even greater than, those offered by big corporations,” said Fenton, president of Atlantic Financial, an Internet-based financial services firm.
Fenton said that having a SEP-IRA (simplified employee pension) plan is a two-sided advantage. He noted that SEPs allow business owners to shelter up to 15% of compensation from taxes — as much as $30,000 annually.