In today’s competitive environment, business owners need to attract, obtain and retain good employees. One primary benefit is a retirement plan for not only their employees, but also themselves. However, today's business owners are also now faced with increased scrutiny from DOL and IRS regarding their corporate and personal retirement plans. The need for a retirement plan advisor to oversee the implementation, fiduciary compliance and participant education is paramount to helping businesses provide a retirement plan for their employees while focusing on running their business.
Most employer-sponsored plans today are established as “defined contribution” plans whereby an employee contributes a percentage of his earnings into an account that will accumulate until retirement. As a qualified plan, the contributions are deductible from the employee’s current income. Depending on the size and type of the organization, the type of plans may include:
Many business owners also wish to defer larger amounts for retirement. With the implementation of Profit Sharing, Safe Harbor and/or Defined Benefit Plans, we help businesses owners defer taxes while saving more for retirement. The appropriate type and components of your plan can be customized to help achieve your goals: both for yourself and your business. For information, please contact us.