Retirement Plans

Retirement Plans for Businesses

Whether it is a desire to contribute more for retirement, add more value for employees, or required by government, business owners can reach out to start retirement plans. There are many plans out there, but we can help find the best type of plan out there to best accomplish the goals of the business owner.

For a quick glance as to how much can be contributed by business owners for some of the most common plans, click below!

See How Much You Can Contribute

Comparing Retirement Plans

CalSavers

CalSavers in a state IRA savings program. Employers with 5 or more employees are required to have a retirement plan or have to enroll in CalSavers by June 30, 2022. As an eligible employer, you must withhold the appropriate percentage from an employees' paycheck and submit it to CalSavers within 7 days. Is CalSavers the best plan for you?

Pros

Ability for employees to contribute to their retirement through their paychecks
No employer fiduciary responsibilities
No fees to employers
App and website available for employees and employers

Cons

Employee contribution is limited to the Roth IRA amount of $6,500
No employee tax benefit in year of contribution
No employer matching
Limited advice and support for plan participants
No advisor educational meetings
Increased employer requirements such as tracking whether employees have to opt out every 2 years
Employees not eligible for Roth IRAs are responsible for opting out of plan
Penalties can be significant for failure to comply with CalSavers provisions