Small and Mid Size Business Retirement Plans
Small Firm/Practice Retirement Plans
You and your team have worked hard. You’re still a small(ish) practice, but you don’t qualify for the Solo 401(k) and you want to reward the team without breaking the bank.
We will help you select and design the right plan for you and your team.
We get it, you want to save for your own retirement, reward your team, and keep costs under control. Here’s how to do it.
If you are a higher earner, you are probably phased out of the deductible IRA contribution and/or the Roth IRA contribution. Here are some alternatives:
Solo 401(k)- This is a 401(k) plan for someone who is the owner and only employee at their company or the only other employee in the business is your spouse. It allows for the same 401(k) contribution limits as a group plan with 100+ employees.
Group 401(k) plans- The 401(k) plan that everyone has come to know. It’s a bit more complicated to set up, but can still be customized to the needs of your business. We will work with you on plan design, including setting matching formulas, vesting schedules, fund lineup selection and eligibility criteria (within some limitations).
Pension plans- Yes, some people still have pensions. This can work out well if you are the only employee or have a very small, but very profitable team. The formula for contributions is very complex and we will manage the investments for the pension plan while working hand-in-hand with your tax adviser and pension plan administrator.