As a small-business owner, one of your goals is to be as productive as possible while minimizing costs. This basically defines efficiency. It is during these tough economic times that cutting expenses becomes increasingly important. While many small-business owners are occupied with expanding their business, some tend to overlook their legal obligations in terms of providing a retirement plan for employees. It is indeed the case that if you promised, in writing, to provide a retirement plan for your employees, and you haven’t changed any of your documents by 12/31/2008, then you must, as both a retirement plan sponsor and de facto fiduciary, provide a plan for your employees. Assuming most small business owners still view having a plan as a mutually beneficial concept, having a cost-effective plan for your employees is a great way to control the employer-employee relationship, which consequently fosters an enhanced workstation atmosphere. In the end, many employers end up paying onerous fees (upon review of the retirement plans for many small-businesses, The Rogers Company found that many people are paying up to 375 basis points when they should be paying around 110-120 basis points*) and have outdated paper work (regulatory requirements have changed drastically since the inception of the original retirement strategies). Small-business owners are often ignorant or not cognizant of their retirement plan options. Thankfully, I am here to detail them for you.