Corporate Retirement Planning
Make Your Employee's Retirement A Priority
Crafting a cost-effective employee benefit program that satisfies your team's needs is a universal challenge for business owners. Effective corporate retirement planning requires designing plans that benefit employees while navigating plan administration, tax implications, and compliance. Hjort Financial Services can assist you in strategizing your company's entire corporate retirement plan or managing specific aspects, such as testing or administration.
How Your Business Benefits:
- Retirement benefits serve as a powerful tool in employee recruiting and retention.
- Employer contributions are tax deductible, and you may receive tax incentives.
- You decide on the type of plan(s) to offer, how much you’ll contribute, and plan details.
How Your Employees Benefit:
- May reduce their taxable income from employee contributions
- Saving for retirement through employer-sponsored plans can include automatic enrollment, payroll deductions, and guidance along the way.
- Your employees retain ownership of their contributions
Types of Employer-Sponsored Retirement Plans
There are various types of corporate retirement plans, and it's crucial to choose the one that best suits your company. Each option has its advantages and disadvantages, so consulting with an advisor can help you make an informed decision.
Traditional 401(k) Plans:
Traditional 401(k) plans are the most widely used contribution plans, where employees set aside pre-tax dollars from their paychecks, often with a percentage match from their employer.
Roth 401(k) Plans:
This plan mirrors a traditional 401(k), but contributions are taxed initially instead of upon withdrawal.
Pension Plans:
With a Pension Plan, retired employees receive regular payments from their employer, comprising the funds they accumulated throughout their employment.
Employee Stock Ownership Plans:
An Employee Stock Ownership Plan (ESOP) is a retirement savings program where employees invest in company shares instead of receiving a single payout at retirement.
Help Your Employee's Plan For Their Future
Our financial advisors assist with every facet of corporate retirement planning, from business insurance options to executive and deferred compensation strategies.
Contact us to learn more about our corporate retirement planning.
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.