As your company continues to grow, having a competitive benefits package complete with a retirement plan becomes more important. There are many retirement arrangements to choose from, but most have the same common goal – to encourage employees to save for their future. If you are planning on introducing a retirement plan to your employee benefits package, you will want to speak with an experienced retirement plan consultant to ensure that you make the right choice for your business.
What Is Retirement Plan Consulting?
Retirement plan consulting consists of multiple services designed to provide businesses with expert advice and management assistance in regards to employee retirement plans. As retirement plans can vary considerably, it is important to have an expert provide you with guidance on which plan is best suited for you and your employees.
A retirement plan consultant can also aid business owners in other ways, such as by improving employee satisfaction and overall operational efficiency. Retirement plan consulting is essential whether you have just one employee or over a thousand. In fact, any company that offers a retirement plan or wants to should consider investing in retirement plan consulting.
What Do Retirement Plan Consultants Do?
Making the decision on what retirement plan to choose for your business can be challenging. However, with the help of a reputable retirement plan consultant, the decision is much easier. Retirement plan consultants offer in-depth experience, customized advice, and unique insights based on years of experience in the industry. With a retirement plan consultant available to help, business owners can focus on their core business operations without sacrificing the building of a solid benefits plan.
Assistance When Choosing Company Retirement Plans
Once you hire more than a dozen employees, choosing a retirement plan starts to get complicated. As your business continues to grow, you want to ensure that you make the right choices to prevent making major financial errors that could put your business in jeopardy. A retirement plan consultant can provide assistance when choosing a company retirement plan and suggest options that best fit your budget and unique needs. Your retirement plan consultant will also review the terms and conditions of each plan before narrowing down plans that will provide optimal employee satisfaction.
Navigating Rules & Regulations
When it comes to retirement plans, business owners must meet a wide range of rules and regulations. Staying in compliance with the federal and state laws associated with employee benefits helps keep your business free from costly fees and penalties. Retirement plans can be highly challenging to navigate and often require the knowledge base of a professional who works in the industry. When you leave retirement plan tasks in the hands of a seasoned retirement plan consultant, you can gain peace of mind while helping your employees save toward their retirement in the best way possible.
Extensive Knowledge on All Types of Plans
While most business owners have some knowledge of retirement plans, most do not possess the extensive knowledge needed to make an informed decision. Retirement plan consultants have extensive knowledge of all types of employee retirement plans.
Some of the most common types of employee retirement plans include traditional individual retirement arrangements (IRAs), Roth IRAs, 401(k) plans, SIMPLE IRA plans, SEP plans, payroll deduction IRAs, profit-sharing plans, defined benefit plans, and several others. A retirement plan consultant can give you information such as the pros and cons of each plan type, income taxes, contribution limits, and who each type of plan is best for.
Effective Retirement Plan Management
Retirement plan consultants also help business owners continually manage their employee retirement plans. At BenefitCorp, you will discover a wide range of services designed to do just that. Some of these services include fiduciary liability from an in-house ERISA counsel, 5500 filings and ERISA testing, 360-degree integration, participant communication and education, assessment of plan designs, and various others. You can also count on a retirement plan consultant to provide your business with transparent advice throughout your working relationship.
Speak to Experienced PEO Consultants Today
A retirement plan consultant can play an important role in your business by helping you to mitigate risk, follow important fiduciary responsibilities, and offer extensive knowledge on all types of retirement plans. As the extent of services offered by retirement plan consultants can differ significantly, it is important to choose a consultant who you can trust and who has a reputable name in the industry.
BenefitCorp has been around since 1995 with the sole mission to help businesses gain and maintain company-sponsored benefits. Having worked with countless business owners over the course of two-plus decades, BenefitCorp has the experience and knowledge needed to help your business and its employees thrive now and in the future. For more information about retirement plan consulting, speak to a consultant at BenefitCorp today.