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Guidance for Business Owners Selecting a Retirement Plan

Filed under:

Retirement Plan Services

If you’re a business owner, establishing a retirement plan can provide a number of benefits — to you, your business, and your employees. Not only does a retirement plan provide you and your employees with an accessible and cost efficient way to save for retirement, it also offers significant tax advantages and keeps your business competitive in attracting and retaining employees.

Yet, despite knowing the benefits, it can still be a challenge for many business owners to move forward and begin the process. There are several different types of retirement plans available, each with its own requirements and restrictions, and the complexities can make it difficult to know which plan is best for you and your situation. 

Factors to Consider When Comparing Retirement Plans

In order to select the right retirement plan, business owners need to consider a variety of factors when comparing plans. Some of the most critical factors include:

  • Plan Eligibility
  • Employer Responsibilities & Third-Party Administrator (TPA) Requirements 
  • Funding Responsibility
  • Maximum Annual Contribution Limits
  • Minimum Employee Coverage Requirements
  • Withdrawal & Payment Restrictions
  • Loan Restrictions
  • Vesting Period 
  • Annual Cost 

The First Step: Define Your Goals

Before you dive in and start comparing retirement plans, the first step is to determine your goals for the plan. Is your desire to provide incentives to your employees? Are you wanting to compete with other companies for talent by offering superior benefits? Or do you desire greater tax incentives and an opportunity to invest in your own retirement strategy? Your goals for the plan should act as a guide while you review your plan options.  

How Jones & Roth is Helping Business Owners

Many business owners come to us with an initial idea of their goals and desires for a retirement plan, but need guidance on selecting and implementing the right plan to achieve those goals.

Our Retirement Plan Services team is in a unique position to be able to help business owners, providing a Third-Party Administrator (TPA), Retirement Plan Specialist, and a CPA – all under one roof.

In addition to delivering a custom plan design and plan documents, we are able to provide value to our business clients throughout the year by taking care of plan administration and compliance requirements, providing contribution projections and tax planning, and creating an integrated retirement plan & investment strategy.

Our expert industry knowledge makes us an ideal partner for professional services firms, healthcare providers, and dental practices.

Download our Retirement Plan Comparison Chart for an at-a-glance summary of key differences between plans. Contact us to learn more about how our team might be able to support you and your business.

Chart of Retirement Plan Comparisons 2021
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