Wisconsin Small Business Retirement Plan Specialist
What are employee retirement plans?
An employee retirement plan is a leave package intended to support employees financially during retirement. Many businesses use employee retirement plans to attract and retain their top talent while taking advantage of tax benefits simply from offering the plans.
Connect & Simplify is a Wisconsin-based company helping small businesses manage the complex responsibilities of employee benefits packages including retirement plans. Get started on reaping the benefits of offering your staff fulfilling retirement packages.
Types of Employee Retirement Plans
- 401(k) Plan - Employees contribute a portion of their wages to individual accounts.
- 403(b) Plan - Offered by public schools and tax-exempt organizations. Similar to 401(k).
- Profit-sharing plan - Discretionary employer contributions or a share in the profits of a company.
- Pension plan - Employers contribute to a pool of funds set aside for a worker’s future benefit.
Retirement Plan Broker For Wisconsin Employers
Effective retirement plans meet the needs of employees while providing large tax savings for employers. Connect & Simplify retirement brokers work with you to determine appropriate retirement plans based on your company’s goals and objectives.
Our retirement plans help small businesses attract top talent, improve workforce stability, relieve stress and increase company productivity, all while creating financial security for your workforce.
Retirement Plan Administration Service - Compliance Guaranteed
Administration and compliance can create unnecessary burdens for Wisconsin employers. It is crucial to have accurate and timely processing to ensure compliance is maintained for reduced risk. Our best-in-class Third Party Administration service handles compliance with retirement plans for you, helping you focus on the growth of your business.
Don't Have a Retirement Plan At Your Company?
How Your Wisconsin Business Can Offer Employee Retirement Plans
This podcast was recorded at Connect & Simplify™ HQ in Brookfield, Wisconsin. We help hundreds of businesses in Milwaukee, Madison, Green Bay and other state-wide cities with their employee retirement plans. For many businesses in the 50-250 employee range, Connect & Simplify™ is a profitable or more effective alternative to full-time employees dedicating all or some of their time to managing the chaotic and complex problems of employee retirement plans. Contact us for a FREE consultation.
Wisconsin Retirement Benefits Company Explains Offering 401(K) Plans
There are more benefits to offering employee retirement plans at your company than you might think. Employee 401(K) plans can be an effective way to attract and retain top talent and improve employee satisfaction. What you might not know is retirement plans can help you as the owner take advantage of tax savings that can potentially make that cost of offering a 401(K) for your employees FREE!! Retirement plans have become an expectation of employees in today’s job market. We often find many Wisconsin small businesses are not aware of how much easier offering retirement plans in their employee benefits packages has become.
Listen as Roger Fuerstenau sits down with our newest teammate, Paul Dowd, CIMA®, AIF® to talk about offering employee retirement plans. Hear why your Wisconsin company should have a retirement plan if you don’t already have one in place. When is the right time to add one? Do you want to keep top employees? What are some of the benefits? Get the answers to these questions and more by tuning in to this week’s episode.
- Why you should consider offering retirement plans for employees.
- Why you haven’t considered offering retirement plans in the past because of cost.
- What benefits retirement plans bring employees.
- What benefits employers have for offering employee retirement plans.
- How 401(K) plans help attract and attain important employees.
- How small businesses can save more in personal taxes than it costs to run their retirement plans AND receive tax credits just for starting one.
- How employers can get tax-deferred treatment on a large sum of their income.
- Why the costs of offering retirement plans have come down in the last 5 years.
- Why the beginning of January could be the best time to roll out retirement plans.
- How you as an employer can start offering retirement plans to your employees.
- How much time is required to initially set up employee retirement plans at your company.
- What Wisconsin companies have said about beginning to offer 401(K) retirement plans.
- How employers could defer $200,000 a year for offering employee retirement plans.
- How employers can offload the stress of managing employee retirement plans by hiring a benefits company.
Frequently Asked Questions
What retirement plan should I offer my employees?
Popular retirement plans to offer employees include 401(k)s, 403(b)s, profit-sharing plans and pension plans.
How much does a 401(k) cost an employer?
401k pricing is based on the services selected for the plan. Actual pricing is usually based on a formula that compares total assets in the plan, average participant balances, number of participants, and the administrative duties necessary to run the plan.
Example pricing below:
- 10 employees: $2,200
- 20 employees: $4,600
- 50 employees: $8,200
- 100+ employees: an audit will be required. The plan will receive custom pricing based on factors such as the plan design, average balance per employee, and total assets.
How often should you benchmark your 401(k)?
There is no mandated requirement for retirement plan sponsors to benchmark their plans on a set timeframe. However, the Department of Labor will assume that plans will have a benchmark study done for fees and services every 3 to 5 years.
What is a good 401(k) match amount?
A well-designed match program can help create a powerful incentive for employees to join the plan. Matching programs can be designed to make a plan qualify for Safe Harbor protection related to compliance testing requirements
There is no requirement for an employer to match employee contributions.
What notices are employers required to distribute for 401(k)?
A quality advisor will coordinate services between plan vendors to ensure that all employee notices are created and delivered on time.