TRADITIONAL 401(k) plan
A 401(k) is a type of workplace savings plan that allows employers and eligible employees to save and invest for retirement through payroll deductions. Setting up and sponsoring a retirement plan is a valuable employee benefit and one that can be used to recruit, retain and reward your employees.
It is also a powerful savings plan for employers to optimize tax strategies, while saving for their own retirement future.
A well-designed 401(k) can help to:
Setting up a plan and what to expect
TAX CREDIT FOR
We start with a conversation to understand your ideal retirement plan and then, we work to create a custom plan design analysis that aligns with your business goals.
Discuss business goals for establishing retirement plan
Partner with retirement plan advisor
Select a recordkeeper
Sign setup documents
– Plan document
– Service Agreements
– Recordkeeper documents
After the initial setup documents are complete, we host an onboarding conference call to clearly identify a timeline for setting up your plan and to answer any questions.
For new plans, the process takes 4-6 weeks from the initial conversation to having a fully setup and operational retirement plan.
For your on-going experience, Premier Plan Consultants will provide consistent support and assist in completing annual requirements:
Partner with you to offer a powerful company benefit
Be a reliable resource for your questions
Review and monitor your retirement plan to ensure it is meeting your needs as best as possible
Discuss your current plan design
Recommend updates and changes as company goals and/or demographics change
Review trust assets to ensure all assets are accounted for and in the correct accounts
File the required Form 5500
Today, businesses of any size can easily establish a 401(k) plan that is reasonably priced, simple to implement and requires little time to administer. Offering a 401(k) plan not only helps your employees, but also helps your firm be more competitive in the marketplace.