Choosing just the right retirement plan to fit your business and provide for your employees and stakeholders future retirement is pivotal in attracting and retaining employees. At PensionSource, our pension administrators can help you evaluate the advantages of various retirement plans, help you design the right plan for you and then make sure that all reporting requirements are handled and that your plan is kept up-to-date even as pension laws change from year-to-year.
We understand the importance of tailoring retirement plans to the specific goals of the people the plan is meant to serve. Our plan design specialists take into consideration many factors, including but not limited to, workforce demographics, tax objectives, owner retirement goals and plan flexibility to ensure you are making informed and advantageous retirement plan decisions.
Whether you desire a defined benefit plan, defined contribution plan, or both, we will work with you to design a plan that fits not only your individual needs, but the unique needs of your entire organization.
Designing a plan that’s right for you
The plan you choose will have a dramatic impact on the benefits of your employees and on your company as well. Before the design process begins, however, it must be determined what type of retirement plan is needed for the organization. Once the plan type has been selected, the design process can be developed into the following three stages.
The design of a retirement plan should satisfy the goals of the employer while concurring with existing pension laws. These goals may include obtaining and securing valuable employees, rewarding good service, assisting and providing for the employees financial security at retirement, and encouraging employees to participate in the plan.