In this Small Business Minute video, Scott Brown, CFS®, Senior Consultant, Retirement Services, discusses the benefits of offering a company-sponsored retirement plan for your employees.

Watch the rest of the Small Business Minute series at:
Fan and Follow Henssler:
• Facebook:
• Twitter:
• LinkedIn:
• Instagram:
• YouTube: …(read more)

LEARN MORE ABOUT: Qualified Retirement Plans

REVEALED: How To Invest During Inflation

HOW TO INVEST IN GOLD: Gold IRA Investing

HOW TO INVEST IN SILVER: Silver IRA Investing

One of the most important benefits a company can offer its employees is a retirement savings program. With the future of Social Security uncertain and the cost of living on the rise, it’s crucial for employees to have a way to save for retirement. Establishing an employer-sponsored retirement plan is a valuable and impactful step towards helping employees achieve financial security in their later years.

There are several types of retirement plans that employers can offer. One of the most common is a 401(k) plan, which allows employees to contribute a portion of their paycheck to their retirement savings on a pre-tax basis. Employers often match a percentage of their employees’ contributions, providing an additional incentive to save. Another popular option is a pension plan, in which the employer contributes to a retirement fund on behalf of the employee, usually based on a formula that takes into account the employee’s salary and years of service.

Setting up a retirement plan for your employees may seem like a daunting task, but it can be a straightforward process with the help of a financial advisor or retirement plan consultant. The first step is to determine which type of plan is best for your company and employees. Consider factors such as the size of your workforce, your budget, and the level of employer involvement you want to have in the plan.

Once you’ve selected a plan, the next step is to create a written plan document that outlines the features and benefits of the retirement plan. This document will serve as a guide for both the employer and the employees and will provide clarity on the rules and regulations of the plan.

After the plan document is in place, it’s time to choose a provider to manage the retirement plan. There are many financial institutions and third-party administrators that specialize in offering retirement plan services. It’s important to select a provider that offers competitive fees, a wide range of investment options, and excellent customer service.

Once the retirement plan is up and running, the employer must ensure that the plan complies with all legal and regulatory requirements. This includes maintaining accurate records, performing annual compliance testing, and submitting required filings to the IRS and the Department of Labor.

Establishing an employer-sponsored retirement plan requires a significant investment of time and resources, but the benefits are well worth it. Offering a retirement savings program can help attract and retain top talent, boost employee morale, and ultimately contribute to the financial well-being of your workforce. Additionally, by providing a way for employees to save for retirement, you’re helping to address a critical need in society and contributing to a more financially secure future for your employees.

In conclusion, establishing an employer-sponsored retirement plan is a commitment that can have a lasting impact on your employees and your company. It’s a valuable benefit that can help your employees achieve financial security in their retirement years and demonstrate your commitment to their well-being. By working with a financial advisor or retirement plan consultant, you can navigate the process of setting up a retirement plan and provide a valuable benefit to your employees.