We currently have a SARSEP at my business. We would like to allow the HCEs to defer more money into their accounts. What type of plan should we be considering? We currently are 50% owner in another company and total # of employees is 20 with approx $1 million in payroll.

Thanks

Perhaps with some more facts someone could reply (e.g., a full census in tabular format: comp, age, dob, doh, 1000 hrs, and so on).

A plan consultant/administrator might be helpful in alternative plan designs. A 401(k) plan comes to mind. Various P/S allocation methods are available. Which is best depends on needs and objectives of the employer and all of the facts.