An employee retirement plan is a leave package intended to support employees financially during retirement. Many businesses use employee retirement plans to attract and retain their top talent while taking advantage of tax benefits simply from offering the plans.
Connect & Simplify is a Wisconsin-based company helping small businesses manage the complex responsibilities of employee benefits packages including retirement plans. Get started on reaping the benefits of offering your staff fulfilling retirement packages.
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Effective retirement plans meet the needs of employees while providing large tax savings for employers. Connect & Simplify retirement brokers work with you to determine appropriate retirement plans based on your company’s goals and objectives.
Our retirement plans help small businesses attract top talent, improve workforce stability, relieve stress and increase company productivity, all while creating a layer of security for your workforce.
Administration and compliance can create unnecessary burdens for Wisconsin employers. It is crucial to have accurate and timely processing to ensure compliance is maintained for reduced risk. Our best-in-class Third Party Administration service handles compliance with retirement plans for you, helping you focus on the growth of your business.
This podcast was recorded at Connect & Simplify™ HQ in Brookfield, Wisconsin. We help hundreds of businesses in Milwaukee, Madison, Green Bay and other state-wide cities with their employee retirement plans. For many businesses in the 50-250 employee range, Connect & Simplify™ is a profitable or more effective alternative to full-time employees dedicating all or some of their time to managing the chaotic and complex problems of employee retirement plans. Contact us for a FREE consultation.
There are more benefits to offering employee retirement plans at your company than you might think. Employee 401(K) plans can be an effective way to attract and retain top talent and improve employee satisfaction. What you might not know is retirement plans can help you as the owner take advantage of tax savings that can potentially make that cost of offering a 401(K) for your employees FREE!! Retirement plans have become an expectation of employees in today’s job market. We often find many Wisconsin small businesses are not aware of how much easier offering retirement plans in their employee benefits packages has become.
Listen as Roger Fuerstenau sits down with our newest teammate, Paul Dowd, CIMA®, AIF® to talk about offering employee retirement plans. Hear why your Wisconsin company should have a retirement plan if you don’t already have one in place. When is the right time to add one? Do you want to keep top employees? What are some of the benefits? Get the answers to these questions and more by tuning in to this week’s episode.
Popular retirement plans to offer employees include 401(k)s, 403(b)s, profit-sharing plans and pension plans.
401k pricing is based on the services selected for the plan. Actual pricing is usually based on a formula that compares total assets in the plan, average participant balances, number of participants, and the administrative duties necessary to run the plan.
Example pricing below:
There is no mandated requirement for retirement plan sponsors to benchmark their plans on a set timeframe. However, the Department of Labor will assume that plans will have a benchmark study done for fees and services every 3 to 5 years.
A well-designed match program can help create a powerful incentive for employees to join the plan. Matching programs can be designed to make a plan qualify for Safe Harbor protection related to compliance testing requirements
There is no requirement for an employer to match employee contributions.
A quality advisor will coordinate services between plan vendors to ensure that all employee notices are created and delivered on time.
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