For most companies, the question isn’t whether you should offer a 401k Plan. It’s how to make the plan a win-win for both the employer and employees.
401k Plans have grown in popularity for several reasons: the tax advantages they offer both employers and employees, their flexibility and low cost to employers, and their role in attracting and retaining employees.
Smart business owners know how important that last point is. A company whose staff is both “the best” and best-motivated is likely to be most successful. And with 401k Plans (and company-matching contributions) consistently ranking as key motivators, it’s essential that your company have a 401k Plan and optimize it.
Shore Tompkins can guide you through the many details of building or modifying your company’s 401k Plan to make it the best it can be in terms of:
- plan design to meet your company’s objectives
- tax savings for the owners, management, and employees
- educating and motivating employees to contribute to it
- time and knowledge required of your staff to maintain it
- cost to launch and maintain the plan
The Details of Your 401k Plan Matter: Let Us Help You Get Them Right
Given the number and variety of factors that can affect the success of a company’s 401k Plan, it’s no wonder so many businesses turn to Shore Tompkins for advice and assistance. We’re here to help you make smart decisions on:
- Eligibility: How soon and which employees may have accounts?
- Matching Contributions: What formula makes sense for your company?
- Vesting: How soon should employees “own” matching contributions?
- Profit Sharing: Should your company supplement its 401k with a Profit Sharing Plan?
- Online Platform: which one is best suited to your company’s needs?
Having worked with hundreds of companies, we understand that each one is unique. However, our goal is always the same: to ensure that your 401k meets your and your employees’ needs as completely as possible.