Tom, age 54, is the sole proprietor of a small business. He is interested in adopting a retirement plan for the business. His primary goals are to make large contributions to his own retirement account and to minimize the expense and paperwork associated with the plan. Which of the following retirement plans would you recommend for Tom's business?
a. SIMPLE IRA.
b. SEP plan.
c. Traditional defined benefit pension plan.
d. Section 401(k) plan funded by employee elective deferrals.