An employer-sponsored retirement plan is a tool that can help business owners attract and retain talented employees. After all, one of the best ways for us to show employees that we value their future with us is to invest in it.
While we understand the value of offering a retirement plan, many of us do not have the time needed to properly manage one. The key to minimizing our role in the program is to find a company with a strong and responsive administrator who can manage it for us. This person will not only take care of our questions, but also provide assistance to employees on enrollment and investment selections.
Retirement planning is essential for us as the business owner as well. While many of us are inclined to invest all of our money back into the business, we should make sure our investments are properly diversified so we are prepared for our financial future.
- Will offering a retirement program align with my goals for the future?
- Would a retirement program help me attract/retain talented employees?
- Will sponsoring a retirement plan have tax advantages for my business?
- Am I satisfied with the performance of the program?
- Do we have a responsive administrator to answer questions my employees may have about the plan?
- Are the costs of the plan competitive with other programs?