As a business owner, offering retirement plans to your employees has many benefits for both parties. But where do you start? Finding the right plan and partner that meet your company’s specific needs is what we specialize in at MRK Financial Solutions.
With an accredited investment fiduciary designation, my primary role as a qualified plan specialist is to design a retirement plan for your business, fulfill fiduciary services to mitigate risk and help select and monitor the performance of your benefits provider.
Retirement plans allow you to invest now for financial security when you and your employees retire. You and your employees also can receive significant tax advantages and other incentives as a bonus.¹
Benefits for Employers:
Contributions made by employers are tax-deductible, which means you are reducing your current tax bill and saving more of your profits. In addition, contributions made by employers are not subject to employment taxes. Choosing to offer benefits to your employees shows you are comprehensively investing in not only their health but their future and future at your company. In addition to attracting talent, offering employee benefits has been proven to increase companies’ bottom line by providing competitive health insurance, offering company perks like wellness programs, and company-wide incentives like smoking cessation programs, all contributing to fewer sick days and overall healthier and happier employees.
Other benefits include:
- Assets in specific qualified plans grow tax-free.
- Plan options are flexible, allowing our team to create plans that fit you and your employees.
- Tax credits and other benefits for starting a plan may help reduce costs.
- Retirement plans can attract and retain better employees, facilitating new employee training costs and turnover.
Benefits for Employees:
When job seekers weigh options for choosing a particular company to work for, a benefits package and whether one is included might be the deciding factor. Companies rated highly on compensation and benefits saw 56% lower attrition in 2021 (LinkedIn). In today’s world, with a lingering pandemic causing fear amongst the workforce, providing a sense of financial security through offering a benefits package could only further the value of working at your company.
Other benefits include:
- Employee contributions can reduce current taxable income.
- Contributions and investment gains are not taxed until distributed.
- Contributions are easy to make through payroll deductions.
- Interest accrues over time, allowing small, regular contributions to grow to significant retirement savings.
- Retirement assets can be carried from one employer to another.
- The saver's credit may be available to some employees.
Let’s Get Started
For our participating Qualified Plan Business Partners, we can streamline a process for retirement plans by executing the following services on your business’s behalf:
- Assess business and employee retirement needs
- Design and implement specialized qualified plans, which could include:
- 401(k)
- Profit-sharing
- SIMPLE IRA
- Deferred compensation (non-qualified)
- Cash balance
- Ensure compliance with federal and industry regulations
- Conduct employee education and individual consultations
- Provide 3(21) fiduciary services
- Manage the creation of and adherence with investment policy, including benchmarking and documentation
- Deliver cost-benefit analysis of benefit providers
- Analyze health savings account providers against existing investments and portfolios
If you’re interested in MRK helping design and deliver a qualified retirement plan tailored to the needs of your business and employees, complete the form below, and we’ll be in touch soon. mrkfinancial.com/qualified-plans.
- IRS.org
- LinkedIn.com