Setting Up a Plan
Offering a retirement plan benefit can help your business in more ways than one.
What can you expect when transitioning your business retirement plan?
Most people understand that they are responsible for their retirement nest-egg. Therefore, by setting up a workplace retirement plan you can help your employees save for their future and at the same time prepare for yours.
Recruit, Retain & Reward
A competitive retirement plan can be a powerful incentive for prospective employees, especially when combined with other benefits like health insurance, vacation time, and flexible work arrangements. By offering a retirement plan, employers can also retain their most valuable employees, who may be more likely to stay with the company if they feel that their long-term financial planning is being supported.
Reduce Corporate Taxes
By contributing to a retirement plan, the employer can reduce their corporate taxes as these contributions are tax-deductible. In addition, the employer’s contributions towards the retirement plan are not considered taxable income for the employees, which further reduces the employer’s tax liability.
Secure Your Retirement
By contributing to a retirement plan, employees can save money for their future retirement, providing financial stability in their later years. This financial security also helps the employees plan for their future and have peace of mind knowing that they have a retirement plan in place. For the employer, offering a retirement plan can also help with succession planning by ensuring that the business has a stable and experienced workforce in the long term.
What should you expect when setting up a plan?
We start by understanding your retirement plan objectives and creating a custom plan design analysis that aligns with your business goals.
Steps to setting up your plan successfully:
- Discuss business goals for establishing a retirement plan
- Partner with a retirement plan advisor
- Select a recordkeeper
- Sign the 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 a 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.
On-Going Experience
For your on-going experience, we will provide support and complete the following annual requirements:
- Partner with you to offer a powerful company benefit
- Be a resource for your questions
- Review and monitor your retirement plan to ensure it is meeting employer needs as best as possible
- Complete compliance testing requirements
- 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
A Dedicated Team Focused On You and Your Employees
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