Employee Benefits, Pensions and Profit-Sharing Plans
Small businesses are vital to the growth of the United States economy. In fact, according to the U.S. Small Business Administration, small businesses employ half of all private-sector employees in the United States. However, many of these small businesses do not offer benefits to their workers. And these small business owners are unsure how to execute an employee benefits plan.
In today’s competitive world, employee benefits are critical for small businesses to attract and retain top talent. We at taxxsolutions have years of experience developing, implementing, and administrating employee benefits, pensions, and profit-sharing plans. We can help ensure that your small business offers an employee benefits plan that is competitive to those provided by larger companies. And most importantly, we will make sure the benefits plan fits the needs of your business size.
The taxxsolutions team will work with you to establish an employee benefits plan that best fits your business goals. Below are just a few types of retirement programs that can be a component of your overall employee benefits plan:
You may think 401(K) plans are only available to employees at large corporations. However, many small businesses also offer this type of plan. To further enhance their employment packages, employers often match a certain percentage of an employee’s contribution.
A profit-sharing plan is best suited for businesses with fluctuating profits. Employers have flexibility in the contributions they make regardless of the amount an employee contributes.
SEP: Simplified Employee Pension Plan
A SEP is similar to an individual retirement account and is often referred to as a SEP IRA. These plans are available to small businesses as well as to self-employed individuals.
SIMPLE: Savings Incentive Match Plan
SIMPLE designates an IRA plan that enables employees to contribute a percentage of each paycheck. Employers can match contributions up to three percent of an employee’s salary. The other option is for employers to make a fixed contribution of two percent to all employees.
Whatever type of employee benefits plan you decide to implement, taxxsolutions is here to help you, from inception to everyday management. We would love to explore how the different options will help you and your employees achieve your retirement goals. Request an appointment today.
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