The Online 401(k) has launched a payroll-deduction IRA designed specifically for small businesses with 100 or fewer employees.

Starter(k) is a retirement savings options that doesn't have the same constraints as a 401(k) and is a good option for small business owners who need a simplified option to help their employees save for retirement, said Chad Parks, founder and CEO of The Online 401(k).

"Starter(k) is also an ideal solution for businesses who may be subject to legislative mandates, as states such as California consider requiring employers to implement auto-retirement savings through employee paycheck deductions," he said.

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