Business Retirement Plans
Defined Benefit/Cash Balance
Defined Benefit and Cash Balance plans offer high-income business owners and employees an additional way to tax advantageously save and invest for their retirement. The allowable contributions exceed that of typical retirement plans such as 401(k)s, which can be of great benefit to high-income earners looking at hefty tax bills.
401(k)s
401(k)s offer a way for employees to not only save for retirement but grow their savings through funds offered by the 401(k) plan. Whether a conservative or aggressive investor, our 401(k) offerings have strategies that fit the needs of all employees. Employers may choose if they would like to match their employees’ contributions or not, which can be changed as business needs change. However, simply offering a 401(k) to one’s employees is a fundamental benefit. Additionally, we offer the ability to choose between a Traditional 401(k) and Roth 401(k).
403(b)s
Similar to 401(k) plans, 403(b) plans are retirement plans offered by employers to their employees. The difference is that 403(b) plans are offered to certain employees in the public sector or certain tax-exempt organizations, as opposed to 401(k) plans being tailored to the private sector. 403(b) plans feature many of the same tax advantages that 401(k) plans do.
457(f)s
457(f) plans, also known as Supplemental Executive Retirement Plan (SERP), is a plan offered to Key Executives within the tax-exempt sector. Contributions to a 457(f) may surpass beyond the limits of a 401(k) or 403(b) plan. The nuance to 457(f) is that contributions are lost should the executive leave the position. Therefore, the 457(f) plan is often used as a strategy to retain talented executives.
SEP IRAs
A SEP IRA, popular among self-employed individuals and small business owners, is a retirement account that is taxed similarly to a traditional IRA or a 401(k). Some key benefits of a SEP IRA include higher contribution limits and low startup costs.
SIMPLE IRAs
A SIMPLE IRA, popular among small business owners, is a retirement account that is taxed similarly to a traditional IRA or 401(k). The appeal of a SIMPLE IRA includes minimal paperwork, low maintenance costs, and tax deductions for employer contributions.
IRAs
An IRA, short for Individual Retirement Account, is a tax-advantageous account where investments in the account grow tax-deferred. Assets inside of an IRA cannot typically be accessed until age 59 ½ without acquiring an early withdrawal penalty. There are different types of IRAs, such as a Traditional IRA and a Roth IRA. A Traditional IRA is funded with pre-tax dollars, grows tax-deferred, and taxes are owed during distribution. A Roth IRA uses after-tax dollars, grows tax-deferred, and distributions are received tax-free.
