What types of employer-sponsored retirement benefits are available?
As an employer, you most likely are concerned with your employees’ well-being and security. Beyond the typical health insurance benefits, retirement benefits are an integral part of an employee’s overall compensation. Giving employees a sense of security regarding their retirement can be beneficial for both you, and the employees. It can demonstrate to quality employees, or prospective employees, that your concern for their welfare extends beyond the office walls and their years of service. There are a number of different retirement options available, such as: • Pension Plans (defined benefit, defined contribution, or profit-sharing) Provides an employee with a retirement benefit, payable based on the employee’s length of service, salary, and a benefit formula that typically calculates the average of the employee’s earnings over a prescribed period of time. • 401(k) Plans Provide employees the opportunity to contribute a percentage of pre-tax salary, with restrictions, into a retiremen
