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Employee Retirement Plans
Other than health insurance, an employer-sponsored retirement plan is a prospective employee's most requested benefit. People want to make sure that they have a nest egg to fall back on after their working days are done and want the company to set it up and help it grow.
Businesses have more choices than ever before to choose from. They can go with a traditional 401k plan, Individual Retirement Accounts (IRAs), Safe Harbor 401k plans, and even standard retirement plans. And it's not just for large companies anymore — plan providers can set businesses up with a retirement plan whether they have one or 1,000 employees.
You can typically start a retirement plan through a mutual fund company, insurance company, or even a bank. A representative will walk you through all of your options, explain your role and responsibilities, and detail what they will do for you.
When selecting a company for your employee retirement plan, make sure they provide everything you need to offer the plan. You also should review all of the fees they charge and request references to find out if they handle backend responsibilities on time, such as filing taxes.
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