Scottsdale, Gilbert, & Goodyear:
Salt Lake City Area:
We’ll assist you in choosing the right options for your company
While common among large companies, small businesses can also use 401(K) plans 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.
A good retirement plan can help you to:
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.
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