An optometrist has a private practice in a medium$-$sized town. They specialize in unique eyewear. They are the only place within $75$ miles where a consumer can find Lacoste and Gucci frames. This doctor is doing well for himself. He has decided that he wants to provide a retirement benefit for all of his employees. He has three full$-$time employees and four part$-$time employees that fill in during either busy or evening shifts. The doctor wants to cover all of his employees. He also wants the contributions to have an ongoing discretionary nature on the chance that either competition or consumer tastes change his profitability. His employees have been very loyal workers and does not have any desire to use vesting schedules to enhance employee retention. However, the doctor has one employee who has a significant problem with overspending. He does not want to encourage this trend and therefore does not want to offer plan loans. What plan type is best for this potential client?

Profit Sharing Retirement Plan $($PSRP$)$

$401($k$)$

SEP

SIMPLE