Thinking about establishing retirement for the benefit of your company’s employees? There are many options to consider. At Benefits Administrators, we take the time to learn about your company and your long-term plans. That way we can help suggest a plan that is best suited for your company’s needs. Finding the right plan can be a daunting task, but we can make it simple.
Here is a brief overview of the type of plans that we can help with:
• The most commonly known retirement plan, a 401(k) plan, allows participants to reduce current salary and to have the employer contribute the amount of the salary reduction to the plan on behalf of the participant.
• A Traditional IRA is an Individual Retirement Account to which the participant can contribute pre-tax or after-tax dollars and allow the money to grow tax-deferred.
• A Roth IRA is an Individual Retirement Account in which the participants pay taxes on money going into the account so that withdrawals at a later date are tax free.
• A 403(b) plan is a tax advantaged retirement savings plan available for public education organizations, hospital service organizations and some nonprofit organizations.
• A 457(b) plan is a supplemental retirement plan for individuals in a government entity, state or local law.
We also work with financial advisors to help make sure retirement plans are in compliance with federal rules and regulations. Retirement planning for a company can seem intimidating, but a great starting point is answering a few simple questions about your company:
• What area of work is my business in?
• How many employees do I have?
We recommend using a financial advisor to help set up the plan and then leave the worrying about rules and regulations to us. Our staff is prepared to tackle your company’s needs.