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While common among large companies, small businesses can also use a 401(K) plan for retirement and offer an array of investment options. Offering a retirement plan is a smart way to help level the professional playing field between your small business and larger companies.
Read more about the benefits of offering a 401k plan to your employees in this Quickbooks article.
Selecting the right retirement plan is important to both companies and employees, which is why we encourage you to consult with one of our professionals. Contact us for a complimentary consultation today.
Typically outside firms handle the operational aspects of a 401(K) plan due to substantial administrative requirements. There is also a plan available to sole proprietors called a Solo(K).
Employers have the ability to establish “vesting” schedules to increase employee retention and contribution. This allows participants to decide how much to contribute to their accounts on a before-tax basis. Employers are able to take advantage of tax deductions for their contributions to employee’s accounts. Generally speaking, the Federal and State governments will not tax contributions and earnings until they are distributed.
A 401(K) plan might allow participants to take their benefits with them once they leave the company which helps to alleviate administrative burdens.
Find a 401(K) plan that is best suited for your company and its needs.
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