How Do You Lower Business Costs With A Retirement Plan?
The expense of setting up a retirement plan in your company as well as the cost to administer it and to comply with federal regulations is more than a small business can bear. That is why a simple 401K plan was made available to businesses with fewer that 100 employees while meeting most of their retirement needs. Here’s how you can lower your business costs by implementing a simple 401K retirement plan in your company. Reduce employee turnover. For many small companies, hiring and keeping good employees is a major problem, and it can cost them a lot of money. By providing them with a way to save for their retirement in an economically efficient way, you will keep your people happy which they will repay through longevity. Eliminate the expense of complying with the authorities to provide ongoing analysis of your employees’ pay to assure them that you are not discriminating in favor of your more highly paid people. Although the maximum contributions to the plan are more restrictive than
