Employee Retention Strategy Deadline Approaching Nov 1
Small Business Owners: Employee Retention Strategy Deadline Approaching Nov 1
Did you know that November 1, 2018 is the last day that business owners can convert SIMPLE IRAs to 401(k) plans in 2018?
You may have provided a SIMPLE IRA plan to your employees as your business got started. To help you remain competitive in this tight job market, you may wish to consider converting that SIMPLE IRA to a 401(k) plan. Here’s 5 reasons why you might consider a conversion:
- Higher contributions limits - Retirement is one of the most expensive financial goals. Help employees save more toward it with a 401(k).
- Plan design options - You might add a profit sharing component to help maximize contributions for owners and highly compensated employees.
- Loan provisions - The 401(k) loan provision may assist those seeking to purchase homes, facing major medical emergencies, and other circumstances.
- Vesting schedule - You may incorporate a vesting schedule in the 401(k) plan that may help you to retain excellent employees.
- Greater investment selection - Enhancing investment choices and flexibility of asset allocation that may be available in the 401(k) plan may aid participation and may help employees to work toward their goals. Asset allocation does not ensure a profit or protect against a loss.
For more information and to discuss these and other potential retirement plan opportunities for your business, please contact me.
The opinions expressed are solely those of the author. Please contact a qualified financial professional before taking any action in regard to your finances.
Todd A. Slingerland, CFP®
6 Tower Place Albany, NY 12203
(518) 867-4000 x105 [email protected]