Tax Savings All
plan related expenses and contributions are fully tax deductible.
We will run a detailed analysis of the tax consequences of your
current plan as well as all of your other qualified retirement
plan options. Many times, the pure mathematics justify setting
up a plan even if you disregard the benefits below.
Employee Recruitment / Retention
If your company doesn't currently offer a 401(k) plan, you need
to start one. Even if the owner doesn't want to contribute,
employees deserve to have the option of tax-advantaged retirement
savings. 401(k) plans are relatively inexpensive and most payroll
providers can help you with the majority of the work. In addition
to saving their own money, any money employees get from the
company is a part of their total compensation package. Most
employees understand this and it makes your company a more desirable
place to work.
Bankruptcy Protection Having
money in a qualified pension plan generally keeps it protected
from creditors even if the plan sponsor goes bankrupt.