As a business owner offering a retirement savings plan to your employees, it’s important to go over your plan every year to make sure it’s still meeting your needs. Here are some things we typically should review:
- Match contribution. In profitable periods, you may want to increase your match to reward hard work, create stronger employee incentives or put more money away yourself, which may be possible with a larger match. In leaner times, you may choose to reduce (or eliminate) it to minimize costs and liabilities.
- Vesting schedule. Immediate vesting may help you recruit top talent, while a more progressive schedule may encourage employees to stick around longer, helping you save time and talent.
- Plan options. As your business grows, you may wish to reward key employees with a deferred compensation plan, profit-sharing plan, or other options to reward production and strengthen loyalty. We can talk about any of these modifications depending on your needs as an owner.
Whenever you’re ready to discuss your plan, let’s connect. I’m looking forward to seeing you soon.
All my best,