To choose the right retirement plan, it is important to analyze the possibilities for both the company and the workers. It helps maintain company standards and motivates employees to reach their full potential. Nonprofit employees will find 403(b) retirement plans very beneficial. These programs offer tax benefits, high contribution limits and matching employer contributions. The downsides include limited investment options, penalties for premature withdrawals and restrictions on investments. Employee retirement accounts limit employer contributions patterns, while allowing workers to select the best matching contributions. This account does not discriminate based upon job classification. Employers are not allowed to make direct contributions. To help workers save money on retirement, there are several options. Solo 401(k), which includes employee and profit sharing contributions, has a limit. SIMPLE IRA plans are for people over 50. Maximum annual donations of $25,000 are allowed. You can choose to offer a 401k, or a basic IRA. It all depends on your company’s financial situation and the employee welfare goals. The only way to contribute to 401ks and basic IRAs throughout the year is by shifting employment (Principi et.al., 2020). The federal law provides protection for simple 401k programs and allows you to contribute up to a maximum of $2,500 per year. If the contributions are made for a long period, workers may be subject to income tax. Annie must offer a better, more affordable and beneficial retirement plan to her staff in order for them to remain competent. After examining all options, Annie Business is best for basic 401k plans.