Retirement plan consulting: Why it’s something your Tampa, FL-area business should consider in 2022

If you are a small-business owner, creating a retirement plan for your employees may seem like a difficult and complicated process. While providing a retirement plan for your employees is not required by law in the state of Florida, offering a plan is one way to help you recruit valuable candidates and give your business a competitive edge. 

What kinds of retirement plans can I offer my employees?

There are many options out there when considering what kind of retirement plan to offer your employees. It is for this reason that retirement plan consulting is such a valuable tool for business owners. Some of the most common options include:

• 401(k) — A 401(k) retirement account is an account into which the employee invests a portion of their income. This amount can vary, and many employers will match the employee’s contributions to this plan.

• Defined benefit plan — This retirement plan is commonly known as a pension plan. A defined benefit plan promises your employee a monthly payment once they retire.The benefit may be an exact dollar amount, such as $200 per month at retirement, or it may be calculated based on years of service, salary or other factors.

• Employee stock ownership plan (ESOP) — This type of plan offers employees owning interest in the business, in the form of shares of the company’s stock.

• Simple IRA plan — A simple IRA plan is a savings option for employers

with 100 or fewer employees. This plan requires the employer to either match the employee’s contribution to an IRA account dollar for dollar, or make a fixed contribution of 2% for all eligible employees, even if the employee chooses not to contribute.

In what ways can retirement plan consulting help my business?

Letting a ProVise CERTIFIED FINANCIAL PLANNER™ assist you with your retirement plan consulting can help take the difficulty out of creating a retirement plan for your valued employees. We can help you with:

• Choosing a plan — If you are offering retirement services to your employees for the first time, a retirement plan consultant can help you by offering knowledgeable advice on which plan to choose. They can also assist with making changes to an existing retirement plan, including changing to a different plan altogether.

• Employee education — A retirement plan consultant can educate your employees about the benefits that are offered, and how to participate. You don’t need to memorize all the details of the plan yourself. We are here to help!

• Regulatory management — This task is very important. Retirement plan consultants are required to act in the best interests of your employees, and as such are held to a fiduciary standard. They will ensure that your retirement plan is compliant with all federal regulations.

Talk to a ProVise CFP® professional about your business’s retirement plan options

At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about choosing the retirement plan that is best for your business? Contact ProVise today to schedule a complimentary consultation.