March 6, 2018 8:00 AM
After a great year, giving back to your employees can be very beneficial for your business. CNBC cites that “more than half of small business owners say that offering a [retirement] plan helps attract better employees.” A profit sharing plan is one way that you can use your business’ financial success to you and your employees’ benefit.
May 30, 2017 8:00 AM
It can be very difficult for small business owners to compete with big companies when it comes to 401(k) plans. Due to their size, large corporations can use economy of scale to their advantage and offer attractive retirement plans that are more affordable due to the size of their employee base.
Small business owners don’t have hundreds of employees to their name, but that doesn’t mean that they can’t have access to economies of scale through other resources.
January 31, 2017 8:00 AM
Americans work the majority of their lives with the hope of one day retiring and enjoying the fruits of their labor. Unfortunately, more and more people have to work well into their golden years without any end in sight. This is especially true for people that work for small businesses for the bulk of their career.
June 20, 2016 8:00 AM
When you’re a business owner, a 401(k) or profit sharing plan is a must to help attract and retain great employees.
While you may be the owner of a company, you’re likely not an expert on the legal responsibilities of offering these plans to your employees. Most business owners are too focused on running their company to provide an adequate amount of attention on benefits administration.
Your benefits don’t have to be a hassle. A Professional Employer Organization (PEO) can step in and cut costs, save time, and offer customizable plans for your company.
May 9, 2013 10:14 AM
I receive this question very often, especially at the beginning of each year. The IRS requires any company with a 401(k) plan to conduct annual compliance testing.
The testing is conducted after the plan’s year-end. For most plans, this is 12/31.