What are the benefits of offering your employees a retirement plan?
A recent 2022 survey reported that 60% of employees say their employer’s retirement benefits were an important reason for staying with their company, and 47% of workers believe a retirement plan is an important reason to join a company.* Recruitment and retention are key benefits of sponsoring a company retirement plan, along with:
- Opportunity to encourage employees to develop important retirement savings habits.
- Plan expenses are tax-deductible, and employer contributions may qualify for tax credits of up
to $1,000 per employee. - New plans may qualify for numerous tax credits in the first 3 years totaling $16,500.
- There are several types of plans, beyond the traditional 401k, so you can design a tailored
option for your business and employees.
As a business owner, consider a retirement plan as a way to improve your own financial well-being, as well as that of your employees and your business. And, with the right team and support, these plans can be incredibly easy to set up and maintain. Storen Financial is your local resource who will guide you through every stage including plan design features, ongoing administrative tasks, and new employee enrollment.
How to get started?
Our financial advisors walk you through the process of choosing and implementing a plan, helping to maximize your benefits and manage tax liabilities.
- We help identify the right kind of plan for your business and tailor the features to meet your
specific needs. - We work with employers to execute their fiduciary responsibilities by regularly reviewing costs
(benchmarking), mandatory recordkeeping, and discrimination testing results.
Already have a plan?
We offer complimentary review and plan cost analysis. Contact us for more information or to get started!
Click here to contact us now. Or click here to learn more about our business services.
Blog by Alex Kiritschenko, EA – Financial Advisor, Senior Tax Accountant
Learn more about Alex and the rest of the Storen Financial team here.
*Source: https://www.vestwell.com/blog/does-offering-a-retirement-benefit-actually-increase-retention
This information was developed as a general guide to educate plan sponsors, but is not intended as
authoritative guidance or tax or legal advice. Each plan has unique requirements, and you should
consult your attorney or tax advisor for guidance on your specific situation. In no way does advisor
assure that, by using the information provided, plan sponsor will be in compliance with ERISA
regulations.