As a group we discussed several retirement plans. To be more specific, we were focusing on the merits and challenges for each retirement plan. Then, we identify the best plan that works for our organization. Thus, as a cooperative group we choose the Simple IRA retirement plan. From a business perspective we picked the Simple IRA retirement plan, because it has a low administrative cost that leads to a great value and does not cause problems for a small business. Also, the simple IRA retirement plan has an easy management compared to other plans. The financial impact will be very low most of the time. The total potential cost for our organization will be up to 3% for every employee. Therefore, the maximum potential cost is 3% and the minimum
