Charles Schwab has announced that it is doing away with account service fees on retail defined contribution retirement plans for the self employed and small business owners to encourage them to take advantage of the retirement plan options that are available to them. The plans include individual 401(k) plans, 403(b)(7) plans, Qualified Retirement Plans, Keogh plans, SEP-IRAs, and Simple IRAs. The fee elimination does not pertain to any retirement account services that Schwab offers.
A recent study, conducted by National Federation of Independent Businesses, uncovered that many small business owners are not taking advantage of retirement plan options. In fact, 38% of small business owners admit they are "behind schedule" when it comes to retirement.