Design and implement your employee retirement plan
Businesses know that attracting and keeping talented employees can be challenging. What’s more, they face basic responsibilities and fiduciary duties when it comes to employee retirement plan management. Managing your 401(k) or other retirement plan requires specific knowledge, skills, and time that you or your team may not have.
Employee retirement plan management is a specialized area of practice that requires servicing professionals with an in-depth understanding and knowledge of requirements for the unique challenges that often arise. A professional financial advisor can help you avoid liabilities and stay on track with your fiduciary responsibilities by managing your plan or by providing advice as a consultant.
A dedicated specialist can assist you with a wide spectrum of functions surrounding operations including:
When searching for a service provider, consider the firm, affiliations, and experience with 401(k), 403(b), 457, TRS, and TSP planning, and assets under management (AUM). Also, consider their objectivity and ability to provide unlimited solutions to meet your needs, rather than a limited selection. Get a description of how plan assets will be invested and managed, and how your plan participant directions will be handled. Finally, review the firm’s performance record and the experience, qualifications, and credentials of the professionals handling your plan, along with any enforcement actions taken against them.
We have plan specialists experienced in:
We’re happy to discuss your specific retirement plan needs with you.
If you’re a small business owner, you may want to learn about the additional financial planning challenges you may face.
As an employer with 100 or fewer employees, you have the ability to establish a simple and cost-effective retirement plan for you and your staff. There are a few options available, but one you may want to consider is the Savings Incentive Match Plan for Employees, commonly known as SIMPLE IRA. This plan type is an attractive recruiting and retention tool for highly compensated employees who are deterred from traditional 401(k) plans due to discrimination testing.
Since their creation several years ago, Roth 401(k) and 403(b) plans have become increasingly popular options for employees to save for retirement. Like their counterparts—traditional pretax 401(k) and 403(b) plans—they are established by an employer and allow eligible employees to save for retirement. Roth 401(k) and 403(b) plans, however, differ dramatically in terms of tax planning.
As a self-employed individual or small business owner, you have the ability to establish a simple and cost-effective retirement plan for you and your employees. There are a few options available, but one you may want to consider is the simplified employee pension (SEP) IRA.
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