If you own a business, establishing a retirement plan is one of the most important things you can do to attract and retain top employees. Visionary Financial Group can help you set up and manage a 401(k) plan that meets the needs of your employees and your company.
A 401(k) plan is a simple and effective way for your company to help meet your employees’ retirement goals. 401(k) plans provide benefits to both employees and employers.
There are several different types of 401(k) plans and many decisions to be made about the type of plan you will offer, including the amount employees are allowed to contribute and how much of their contribution will be matched by you, the employer. These details should be spelled out in a written plan.
(*Note: Both the traditional and safe harbor plans are for employers of any size and can be combined with other retirement plans.)
Once you have decided on the type of plan for your company, you have a variety of options regarding your plan’s features. In addition, you assume certain responsibilities in operating the plan including: overseeing participation, contributions, vesting, non-discrimination, investing and fiduciary responsibilities, reporting to government agencies, disclosing plan information to participants, and distributing plan benefits. Money invested by and on behalf of your employees must be kept in a trust fund to safeguard these retirement assets, and they should be overseen by a responsible, knowledgeable trustee. Reliable, accurate record-keeping is essential to keep track of contributions, earnings, expenses and distributions.
Call Shelly Dodge at 972/539-0002 today to schedule a complimentary consultation to review your financial goals and discuss the various options for your company’s 401k.