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My sister owns a women only Health Club which she and I manage together. We have 20 employees most of which have very low incomes.Very few have IRA's. We are unable financially to give them very much of a Christmas bonus (25.00).We would like to do something more than just hand them 25 bucks (which would be gone before they got home)I was wondering if it is possible to set up a 401k for our employees with very little initial money? If not can we help them with the paperwork set up their own IRA's ? I know they can not afford to pay a financial advisor to assist them. Any information on this would be greatly appreciated.
Again, many thanks
Patti
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