If your business has been browsing all the options for becoming more competitive and hanging on to productive employees, you may have thought about creating a retirement benefit plan or upgrading the one you currently have. Whether you want to sponsor existing retirement accounts, create company-wide matches, or create the best retirement plan for employees out there from scratch exclusively for your business’s workers, there are several tips to keep in mind during the design and organizational process. Offering Retirement Services is an important benefit, but having the right structure can make those services especially attractive, helpful, and fruitful. Take a look at how your company can design an effective retirement plan for your employees.
Consider All the Retirement Account Options You Could Offer Your Employees
When starting entirely from scratch for your company’s retirement offerings, it’s important to consider all viable options. Many companies choose to sponsor employee retirement accounts and may offer a certain matching amount for approved plan types. Common retirement plans offered by small and large businesses alike encompass:
- 401(k) or 401(k) Safe Harbor plans
- 403(b) plans
- SEP IRA plans
- SIMPLE IRA plans
- MyRA plans
- Roth IRA plans
Add In Some Sought-After Benefits To Flesh Out Your Package
Besides offering a basic retirement package, your business may also opt to add some highly sought-after benefits. These extra perks could potentially include:
- Paying out a company pension, based on a percentage of each employee’s previous income, in cash
- Rolling over money from employees’ qualifying plans and allowing employees to purchase company stock with it
- Allowing employees to make pre-tax contributions towards certain benefits, including childcare, health insurance premiums, and certain types of expense reimbursements
- Allowing certain high-earning employees to defer contributions to retirement accounts via deduction from the payroll
- Giving employees the option to receive a set monthly benefit upon retirement
- Offering to share company profits with employees who opt to buy in
Prepare the Documentation and Help Your Employees Get Enrolled
Once you have a retirement plan fleshed out, you’ll need to handle the paperwork and start getting your employees enrolled. Make sure to:
- Determine necessary waiting periods for employees’ contributions
- Set rules for which employees qualify for your retirement savings options and benefits plans
- Ensure all necessary legal compliance and do a thorough paperwork check
- Make the plan options known to employees and give them enough time to get enrolled in a plan if they so choose
When designing Retirement Services for your employees, it’s essential to consider all your retirement plan options, add in several sought-after benefits, prepare necessary documentation, and help all your workers get enrolled if they wish to be. With these organizational steps, you can create a top-notch retirement package to help keep your top employees around for a long time.
About The Hilb Group
Deciding what coverage you need and what limits and deductibles make the most sense can be tricky. Founded in 2009, the Hilb Group has been helping clients to make sense of their options and make the smartest choices for their circumstances. Whether you need Warehouse Insurance or any other type of business or personal coverage, we encourage you to contact our friendly, experienced, and capable team today. Call us at (800) 776-3078 for a consultation.