An attractive employee benefits package has the power to draw in new talent and retain the workers you have already hired. Unfortunately, not all businesses offer retirement plans or may offer inadequate plans that do not provide employees with optimal value.
If you are considering a new or updated retirement plan for your company, reach out to a retirement plan consulting service to help you optimize your retirement plan offerings. Retirement plan consulting can help ensure that your new plan meets your objectives while also improving employee satisfaction and overall operations.
Why Should I Acquire Retirement Plan Consulting Services?
You may be wondering if hiring a retirement plan consultant is really worth the investment. To make this decision for your business, it is important to understand what retirement plan consulting services can offer your company. First, you can count on your consultant to provide your business with education on different retirement plans, their benefits, and terms. A consultant can also analyze your current retirement offerings and recommend changes that could help your business grow faster. Retirement plan consultants also ensure that businesses maintain compliance and can offer some key tax advantages.
Not sure if you should hire a retirement plan consultant? Ask yourself a few questions about the current state of your business. Are you currently unsure of your fiduciary obligations or are looking for a way to offload some of these liabilities? If you answered yes, know that a retirement plan consultant can help make things clearer by identifying your obligations and taking over some important tasks to remove some of your burdens. A retirement plan consultant can also be useful if you are not sure how to best boost employee participation in your business’s plan. A consultant understands the effectiveness of marketing and will know who can benefit from each type of plan.
Help with Adhering to Regulations
If you do not have the time, expertise or energy to devote to maintaining a compliant retirement plan for your employees, consider retirement plan consulting services. Employee retirement plans require regular attention to ensure that they are adhering to federal, state and local rules and regulations. It is even more important to pay attention to changes and updates in regulations when you have more than a few employees. Just one mistake could result in hefty penalties that put your business at risk for financial destruction. When you delegate employee benefit tasks to a retirement plan consultant, you can put your focus on other important business operations.
Specialized Experience When Selecting a Retirement Plan
Many business owners possess knowledge on a wide range of subjects, including employee benefits like retirement. However, most are not experts in this area. As one of the most important benefits you can provide your staff, it is important to choose the right retirement plan that will result in widespread employee satisfaction. As most business owners do not have the knowledge base needed to make this decision, a retirement plan consultant can help. Retirement plan consultants are experts in employee retirement plans and can help you weigh your options and choose a plan based on various factors like the size of your business, your location, the number of employees you have, and similar influential factors.
Managing & Handling Employee Retirement Plans
Managing employee benefits like retirement plans can take a lot of time, effort, and resources. If your administrative staff is already swamped with other work, adding retirement plan management to the pile may be overwhelming. Fortunately, a retirement plan consultant can step into this role and assist with the management and handling of employee retirement plan tasks. At BenefitCorp, you will find many different services designed to help business owners better manage their employee retirement plans. Some of these services include fiduciary liability assessments, 5500 filings, communication and education services, 360-degree integration, and many others.
Providing Tax Advantages
While you were probably thinking about employee benefits when choosing a retirement plan, the right plan can also provide business owners with key benefits. When comparing plans, ask your retirement plan consultant about tax advantages. For example, employers who choose a 401(k) plan can deduct contributions on the company’s federal income tax return. However, the contribution amounts cannot exceed a certain limit. In addition, elective deferrals and investment gains are currently not taxed, meaning you can take advantage of tax deferral until the time of distribution.
Reach Out to the Professional PEO Consulting Firm
Choosing and managing a retirement plan is not easy, but an experienced retirement plan consultant can simplify the process. Independent retirement plan consultants will offer your business unbiased advice on retirement plans and will deliver services effectively to ensure full satisfaction. To learn more about retirement plan consulting or to speak with a reputable PEO consulting firm, speak to a consultant at BenefitCorp today.