Benefits and Retirement Plans
- Benefit plans for small businesses
More small businesses are finding they must put benefit programs in place that include major insurance benefits to attract and keep employees. Although health insurance is the benefit most requested by employees, employees also place high value on receiving dental insurance. Group term life and short- and long-term disability insurance are other popular benefits. In addition, some small businesses offer cafeteria plans, which allow employees to pay their share of premiums with pretax dollars.
- Building a retirement plan for your business
Building a retirement plan for your business requires proper planning.
- Retirement plans for small businesses
If you are investigating various employer-sponsored retirement plans for your business, keep in mind that each plan has advantages and disadvantages. The 401(k) plan, a type of deferred compensation plan, is by far the most popular plan, with employees contributing part of their salary into the plan. In addition to 401(k) plans, other options include profit-sharing plans, money purchase pension plans, and defined benefit plans. SIMPLE IRA retirement plans are similar to 401(k) plans but have drawbacks. Ask a plan professional to help you determine which plan will work best for your business.