If you are a business owner and willing to take care of your employees through various options such as salary, paid vacation time, medical care, etc., you can also consider providing them with the retirement plans that can help them in their retirement years. Retirement plans like 401(k) administration is an excellent tool to attract and keep your valuable and talented employees for many years. It can also help them attain a more financially sound in the future.
A Quality Retirement Plan Can:
Let you invest money for your own retirement
Lessen your company’s tax burden
Helps you to attract and retain your valuable and talented employees
By establishing an employee retirement plan you can get various tax benefits as the employer contributions to the retirement plans are tax deductible. Also, your business will be eligible for a tax credit for establishing a qualified retirement plan.
Various Flexible plan options are available
Assets in the plan grow tax-free
Employer contributions are tax-deductible
Tax credits and other incentives for starting a plan may reduce costs
A retirement plan done by a retirement plan administrator can attract and retain better employees which in turn reduce the new employee training costs
Saver’s Credit is available.
Employee contributions can reduce current taxable income.
Investment gains and contributions are not taxed until distributed.
Contributions are easy to make through payroll deductions.
Small regular contributions give significant retirement savings.
Retirement assets can be carried from one employer to another.
The employee has an opportunity to improve financial security in retirement.