As your business starts to sort through its employee benefit offerings, you might wonder what types of retirement plans offered by employers tend to be well-received, popular among employees, and a stable choice for employers themselves. There are several factors to consider when it comes to retirement plans, from the structure that best suits your workplace to tax considerations and more. Even if you’re currently working with Orlando HR solutions to narrow down the best options for your business, working through this quick guide could help you streamline the process of buying and providing high-quality employee retirement plans.
Choose Which Plan Type Fits Your Business and Your Workers Best
The first step in choosing a company retirement plan is narrowing down the options that suit your business and your workers best. Every company is different, so it’s important to review all the options, such as:
- 401(k) plans, which are common among many employers for their flexibility and their relatively high employee contribution limits
- Simple IRA plans, which are generally inexpensive to set up and may be ideal for small businesses with 100 or fewer employees
- Roth 401(k) or Roth IRA plans, which allow employees to pay taxes on their contributions when putting the money in, and withdraw the savings tax-free later
- SEP IRAs, or Simplified Employee Pension IRAs, which allow employers to make direct contributions to employee retirement accounts
Look for Plans That Provide Your Business an Edge
To attract, motivate, and retain high-quality employees, look for retirement plans that could give your business a competitive edge. The right retirement plan can accomplish much more than simply allowing your employees a stable place to put away savings for later in life. In some cases, the right plan can:
- Meet employee expectations and stay on par with retirement plan offerings from your competition
- Incentivize joining your team and help attract new talent to the company
- Motivate current employees to stay with your business longer, thereby reducing turnover rates
- Improve company image, strengthen your business’s brand, and show employees that you’re invested in them and have their best interests in mind
Ensure Your Retirement Plans Provide Several Key Employee Benefits
Finally, if your company is hoping to maintain an edge over the competition in terms of your benefits packages, make sure your retirement plan provides a number of key perks that many employees enjoy and may even expect. These benefits could include:
- Allowing employees to regularly put money away for retirement, with the option to have deductions automatically taken from each paycheck
- Providing an employer match on employee contributions
- Choosing retirement plans that provide tax advantages for employees, such as allowing pre-tax contributions and deferred tax plans
High-quality employee retirement plans are not only a perk for employees, but they can act as a boon for employers as well. Consider working with Orlando HR solutions today to narrow down the best plans for your company.
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.