Because of the complications of other plans, we opted for an
SEP-IRA plan to which employees may contribute pre-tax earnings, if they wish,
and to which the Museum contributes 5% of annual salary to each individual's
account. The SEP-IRAs are portable, i.e., the money is the
employee's. There is almost no paperwork except for those who opt for
payroll deduction. There are also no individual investment choices -- in
effect, it is an annuity managed by a life insurance company in our case.
There are probably others offering SEP-IRAs. TIAA-CREF is another choice,
opened some years ago to non-profits and now, I believe, to others -- but there
is an administrative overhead that, in the case of our six-person staff, we
couldn't handle.
Ross Weeks Jr.
----- Original Message -----
Sent: Tuesday, April 11, 2000 2:17
PM
Subject: Retirement Plans?
Hello Listers,
Our new director is interested in starting some kind of
retirement savings plan for the employees at our museum. We are a private
non-profit with seven full-time employees. Do any of you work at museums
that have retirement savings plans, or know of specific plans for non-profits?
Any help you can give us would be greatly appreciated!
Kathy Henri
Collections Mgr/Asst Curator
Ventura County Museum of History & Art
Ventura, CA