Is 401(k) Profit Sharing Right for Your Company?
Overall, more money tends to make employees happier. Happy employees tend to stay with the company longer. Profit-sharing can be a win/win for employees and employers in small and large companies (and, ironically, non-profit companies can also take advantage of this type of plan).
401(k) Case Study #1: Company XYZ, A Growing IT Consulting Firm
Company XYZ is an IT consulting company based in the Southeast. The two owners (each aged 38 at the time) started the company in 2013 with six employees and expanded since then to about 30 employees (with plans to grow to 45 employees by 2022).When the two owners opened Company XYZ, they used a large payroll company for payroll processing. The payroll company also offered a 401(k) program, so the owners opted to use this 401(k) because it seemed the easiest option as they got the company off the ground.Here are a few of Company XYZ’s experiences:
SIMPLE IRA vs. 401(k): Which one is right for you?
If you are an employer, especially if you are an owner of a small business, you are most likely looking for ways to maximize your and your employee’s personal retirement savings dollars while also saving money in taxes.
Cash Balance 5: Dr. Westing and Dr. Yo (A Case Study)
Is a cash balance plan a good fit as a retirement plan for a doctor's office with ten employees?
Cash Balance Plans 3: A Quick Primer Video
If you are new to learning about cash balance plans, this quick (under two minute!) primer video will let you know the highlights of cash balance plans.
Cash Balance Plans Part 2: Five Answers to the Most Frequently Asked Questions
Fall is in the air and we are officially creeping towards the end of the year. If you are a business owner or a partner, this is typically the time of year when your retirement plan crosses your mind. Whether you need a minor tweak or a major overhaul, your retirement plan strategy is worth a review before the end of the year to make sure you are doing all you can to meet the needs of your own retirement, your employee’s needs, and your company’s objectives.
Plan Sponsor Series 5: Safe Harbor 401(k) Plans - Answers to the Most Common Questions
One of the most under considered aspects of 401(k) plans, especially smaller ones, is overall plan design. This can happen when a small plan chooses a very large 401(k) provider who provides more standardized plan designs due to their sheer size. These plans may work satisfactorily but it is possible that rethinking and customizing a smaller plan's design might better suit both the principals and the employees in the sponsoring company.