Why offer a retirement plan to your employees?
- It helps attract and keep quality employees.
- They can be fairly flexible and inexpensive to implement.
- Any business can establish a plan.
- The company sets the eligibility requirements, within certain guidelines, at the time the plan is established.
- Employers can restrict individuals with less than 1 year of service, part-time workers, etc., from being eligible for the plan.
- Contributions to the plan can come from voluntary employee salary reduction, from the employer, or both.
- Employers can establish a vesting schedule, within certain guidelines, for the contribution the company makes to the plan.
There are several options that employers may use for their retirement plans. These options include SEPP, Deferred Comp and 401(k) just to name a few. Feel free to contact us for more information about customizing a retirement plan for your company.