Company Retirement Plan Management

Incline Wealth Advisors can help assist you in managing your company retirement plan. Though our experience, we can implement the best strategy to meet you and your employees needs.

Why establish a company retirement plan?

Establishing a company retirement plan offers several benefits for both employers and employees. Here are some compelling reasons why an employer should consider implementing a retirement plan:

1. Attract and Retain Talent: Offering a retirement plan can be a valuable tool for attracting and retaining top talent. In today's competitive job market, employees often consider retirement benefits as a crucial factor when evaluating potential employers. A comprehensive retirement plan can help set a company apart from its competitors and enhance its overall compensation package.
2. Employee Satisfaction and Loyalty: Providing a retirement plan demonstrates that the employer is invested in the financial well-being of its employees. It can contribute to higher levels of job satisfaction and loyalty among employees, as they feel supported and valued. A retirement plan can enhance the overall morale and engagement within the workforce.
3. Tax Advantages for the Employer: Contributions made to a retirement plan are typically tax-deductible for the employer, which can provide significant tax advantages. These tax incentives can help offset the costs associated with establishing and administering the retirement plan.
4. Tax-Deferred Savings for Employees: Retirement plans, such as 401(k)s and IRAs, offer tax benefits to employees. Contributions made by employees are often made on a pre-tax basis, reducing their taxable income in the year of contribution. Additionally, the investment gains within the retirement account grow on a tax-deferred basis until withdrawal, allowing employees to potentially accumulate more wealth over time.
5. Financial Security for Employees: A retirement plan provides employees with a structured and disciplined approach to saving for their future. It helps them build a nest egg, ensuring financial security during their retirement years. Having a retirement plan in place encourages employees to save consistently and take advantage of long-term investment growth.
6. Potential Employee Contributions: Retirement plans often allow employees to make contributions to their accounts, either on a pre-tax or Roth (after-tax) basis. This enables employees to take an active role in their retirement savings and benefit from additional tax advantages or employer matching contributions.
7. Competitive Advantage and Business Reputation: Offering a company retirement plan can enhance a company's reputation in the industry and among potential clients, partners, and stakeholders. It demonstrates a commitment to employee welfare and responsible business practices, which can positively influence the perception of the company's brand.

While establishing and maintaining a retirement plan requires careful consideration and financial commitment, the long-term benefits for both the employer and employees make it a worthwhile investment. It promotes employee financial well-being, fosters loyalty, and positions the company as an employer of choice.

Types of Company Retirement Plans

There are several retirement plans available for companies to offer to their employees, including:

1. 401(k) Plan
2. Traditional Pension Plan
3. Profit-Sharing Plan
4. Simplified Employee Pension (SEP) IRA
5. Simple IRA
6. Employee Stock Ownership Plan (ESOP)
7. Cash Balance Plan

Our Role as an Advisor in Company Retirement Plans

Our team at Incline Wealth Advisors plays a crucial role in helping companies set up and manage their retirement plan(s). Here are some ways we can assist:

1. Plan Design and Selection: An advisor can evaluate the company's goals, workforce demographics, and budget to recommend the most appropriate retirement plan. They can help choose from the various retirement plan options available and tailor the plan to meet the company's specific needs.
2. Compliance and Regulatory Guidance: Retirement plans are subject to numerous regulations and legal requirements, such as those set forth by the Internal Revenue Service (IRS) and the Department of Labor (DOL). An advisor can ensure that the plan is designed and implemented in compliance with these regulations, reducing the risk of penalties and audits.
3. Investment Selection and Monitoring: Advisors can provide guidance on selecting investment options that align with the company's retirement plan goals and risk tolerance. They can offer recommendations on diversification, fund selection, and ongoing monitoring of the plan's investment performance.
4. Employee Education: Advisors can conduct educational sessions for employees to help them understand the retirement plan, investment options, contribution limits, and the importance of saving for retirement. They can provide materials, tools, and resources to empower employees to make informed decisions about their retirement savings.
5. Plan Administration and Recordkeeping: Retirement plans involve administrative tasks, such as enrollment, contribution tracking, and compliance reporting. An advisor can help set up a streamlined administrative process and provide access to recordkeeping services or third-party administrators (TPAs) to handle day-to-day operations.
6. Plan Evaluation and Benchmarking: Periodically, an advisor can assess the retirement plan's performance, fees, and services to ensure it remains competitive and cost-effective. They can benchmark the plan against industry standards and recommend adjustments or enhancements when necessary.
7. Fiduciary Guidance: Advisors can assist the company in fulfilling its fiduciary responsibilities related to the retirement plan. They can provide guidance on managing potential conflicts of interest, documenting decisions, and ensuring the best interests of plan participants are prioritized.

By leveraging our expertise and knowledge of retirement plans, we can guide companies through the complexities of establishing and maintaining an effective retirement plan, ultimately helping employees save for a secure retirement while meeting the company's objectives.