What Type of Retirement Plan Should My Business Implement? – Part 7
Safe Harbor 401(k) Plan Basics safe harbor 401(k) plan is simply a 401(k) plan that includes a safe harbor feature. There are a few options when it comes to the safe harbor feature, but by electing this feature, the employer commits to making minimum contributions to their employees. This is a very popular feature when designing a 401(k) plan because it enhances the plan by: Allowing all employees, including owners, to maximize their 401(k) deferrals up to the $23,000 limit (or $30,500 limit […]
What Type of Retirement Plan Should My Business Implement? – Part 6
SIMPLE 401(k) Plan Basics A SIMPLE 401(k) plan is a combination of a regular 401(k) plan and a SIMPLE IRA. When would a business choose this plan over a SIMPLE IRA or regular 401(k) Plan? NOT OFTEN. The SIMPLE 401(k) doesn’t provide meaningful advantages when compared to the SIMPLE IRA or 401(k) plan. SIMPLE 401(k) vs SIMPLE IRA Contribution Limits Setup Administration Plan Eligibility Loans Allowed? SIMPLE […]
What Type of Retirement Plan Should My Business Implement? – Part 5
SIMPLE IRA Plan Basics A SIMPLE IRA plan allows employees to make contributions to a retirement plan from their pay just like a 401(k) plan, but the maximum deferral amount is lower ($16,000 vs $23,000.) Why would a business choose this plan over a 401(k) Plan? Usually because of the ease of getting this type of plan started and its typically low administrative fees. However, there are some trade-offs associated […]
What Type of Retirement Plan Should My Business Implement? – Part 4
401(k) Plan Basics A 401(k) plan allows employees to make contributions to a retirement plan from their pay. This is called a 401(k) deferral because instead of receiving all of their pay, the employee directs the employer to deposit a portion of their pay in the retirement plan. Saving in this way helps the employee accumulate funds they will need at retirement, and it is an […]
What Type of Retirement Plan Should My Business Implement? – Part 2
In Part 1, we talked about how a SEP plan can work nicely for an owner of a business with no employees. But what is the right plan for a company with employees? Usually the best place to start is finding out the answer to this question: Why does the business want to implement a retirement […]
What Type of Retirement Plan Should My Business Implement? – Part 1
Seems like this should be an easy question to answer, but there are so many options and so many objectives that figuring out the best retirement plan for your business takes a little work! In our first post of our “Keeping It Short & Simple” series, we will provide practical information, based on years of experience working […]
What Type of Retirement Plan Should My Business Implement? – Part 3
In Part 2, we discussed that 401(k) plans are a good retirement plan to consider when trying to attract and retain top talent for your business. But what are your 401(k) plan options? There are actually quite a few and we provide practical pointers to help you understand why a business might choose one plan over the […]
Do You Have Gaps in Your Staffing Agency Insurance Program?
As a staffing agency owner or manager, you know the importance of having a team of qualified and talented employees to provide the services your clients need. But have you considered the insurance coverage that protects your agency from potential risks and losses?Let’s explore the essential coverages that all staffing agencies or temp agencies should […]