Benefits of Availing Best Small Business 401K Plans for Your Company

Posted by Life Inc. Retirement Services on January 15th, 2020

Gym stipends, health insurance and PTO – all these are standard benefits; but they are not so exciting. But youngsters have to depend upon traditional perks for planning as well as managing their lives. No matter, your company is small or large, you have to compete for talent with the industry. Today, almost every big company is offering 401K plans to their employees. If you are a small business owner, then you can stand out by offering such plan to your employees. By doing so, you can enjoy various benefits such as: -

Higher Retention Rate

As per the latest study, a majority of employees prefers to stay with the current employer if they offer small business 401k plans. Today, workforce needs help for the retirement savings. So, if you provide them the best plan that they deserve, then they will stay with your company with long tenure. If we talk about better employee retention, it leads to all sorts of positive outcome.

Tax Savings

If your employee contributes in a 401K plan, then he or she can enjoy certain tax benefits. Similarly, you, as a business owner, can enjoy the advantages of preferential tax treatment with employee 401K plan. One thing you need to keep in the mind that the amount you contribute in the plan will be less as company the money spent on filling a vacant position.

Give Financial Security

There are numerous people in all over the world who have to struggle to save money even if they have handsome salary package. With safe harbor 401k plan, you can give financial security to your employees at times. What’s more, if any employee needs financial help, then he can take loan against his 401K balance.

In Columbus, there is a leading company that offers comprehensive and customized retirement solutions to all sized companies and corporations. They also educate employees on what are the key retirement benefits and how to get started. Being a premier company, they offer a range of services such as Individual 401K, Safe Harbor 401K, Payroll deducted IRA, Simple IRA, SEP IRA and Traditional 401K. If you don’t have any idea how to start a 401k plan for a business, then you can consult with their team. They offer administration as well as compliance support to all the clients. If you are on the fence which is the best plan for you, then use their retirement plan evaluator.

Web Link: https://www.lifeincrs.com/