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Retirement Plans Services

Wealth Management for Individuals & Families

Whether you’re running a business with employees or working as a solo entrepreneur, you must think about retirement planning. Relying on your ability to sell the business when it’s time to retire is a risky proposition, as you can’t predict the future value of the company or your ability to sell it for enough money to retire on.

Our financial advisors can help you set up a retirement plan for your company. Depending on the size of your business, you can use a traditional 401(k), a solo 401(k), a SIMPLE IRA, or Simplified Employee Pensions Plans (SEP Plans). It’s important to follow the rules and regulations and consider your responsibility as the plan administrator. Our financial advisors can walk you through the process and even help you educate your employees to save you time and money.

Financial Planning for Companies

Selecting the most suitable retirement plan for your company requires careful consideration and planning. We can help you understand the pros and cons of the different retirement plans, making sure they work with your cash-flow requirements and provide you and your employees with meaningful retirement benefits.

We’re also ready to help you with implementing your plan and provide our fiduciary services. A fiduciary has a responsibility towards the plan and its members and must make decisions in the best interest of the beneficiaries of the retirement plan. There are other requirements you must meet to ensure your retirement plan qualifies. For example, you need to meet certain contribution rules for all eligible employees.

Employee Retirement Plans

Whether you want to set up a 401(k), SIMPLE IRA, or other type of pension plan for your business, we can help you with the planning process. You’ll have to determine the amount of contributions and matched contributions if you choose to match. We’ll also perform our due diligence to ensure your retirement plan meets the necessary qualifications.

Another part in setting up your retirement plan is to educate and enroll your staff. We can help with educating your employees, provide them training and information about their retirement plan options, and handle the retirement plan administration for you.

Business Planning

Our financial advisors can help you with other aspects of financial planning for your business. For example, we can create cash-management programs to help you manage, analyze, and optimize your cash flow. We can also help you with key person planning. This could include setting up executive compensation and purchasing life insurance for key executives.

Finally, our financial advisors are here to help you with exit planning. Typically, you want to start several years before you’re ready to leave the business. This gives you time to streamline your processes, optimize your revenue, and slowly remove yourself from the day-to-day operations of your business.

Frequently Asked Questions

The Employee Retirement Income Security Act of 1974, short ERISA, exists to protect the retirement assets of American employees. As a plan administrator and fiduciary, you must follow the rules and duties established under ERISA to ensure you always made any financial decisions in the best interest of the plan’s participants. Talk to our financial advisors about ERISA and your obligations under this act before you set up a retirement plan.

The most types of employer-sponsored retirement plans are 401(k)s, 403(b)s, and IRAs. Small businesses can also set SEP Plans and SIMPLE IRAs. You can even offer a stock bonus plan or an employee stock ownership plan. A qualified employer retirement plan must meet the ERISA guidelines concerning eligibility, discrimination, participation, and vesting. Non-qualified plans are plans you may offer to your key executives, such as a bonus deferral plan or a supplemental executive retirement plan.

The fundamental difference between these types of plans is the promise made to the participants. With a defined benefit plan, you will receive a specific dollar amount or percentage of your salary upon retirement. These plans used to be the norm, and the government still uses them. The defined contribution plan puts the burden of investment performance on the employee. The employer only guarantees a contribution amount. How much the employee receives during retirement depends on the performance of their investments.

Secure act 2.0

Secure act 2.0 brings many important changes to the retirement plan landscape. Don't be caught off guard!

In this timely, understandable  and informative presentation, Peggy Slaughter CRPS, CPFA, CFP, AIF talks about the information for plan sponsors and participants from SECURE ACT 2.0 that you need to know in 2023 and 2024. Click below for this important information. 

Learn more about secure 2.0

Let’s Set Up a Retirement Plan for Your Business

To be competitive in the job market, employers must offer retirement plans to attract and retain employees. We can help you set up a retirement plan that works for your business and your employees. Contact us today to talk about your company retirement plan.

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