9711 Washingtonian Boulevard
Creating and administering a retirement plan for your business can be complex, but it doesn’t have to take up all your time and resources. At (k)RPG, we specialize in 401(k) planning for business owners like you. This includes educating you about the different retirement plan options, choosing the plan that works for your business and financial circumstances, and creating the strategy to educate and enroll your employees.
There are many advantages to offering a retirement plan to your employees, such as:
In a competitive job market, the best employees will look for job opportunities that support their long-term financial goals. Eventually, every employee needs to prioritize saving for retirement. And while they can open up an individual retirement account, they can contribute a lot more to a traditional 401(k). If your company offers matching contributions, that’s even better.
We take retirement planning seriously. At (k)RPG, we follow a consulting process to help you find the right retirement plan for your business by focusing on the following 5 key elements.
We begin by designing your company’s retirement plan based on the employer’s primary benefit goals. Whether that means generating the maximum tax benefits for the sponsoring corporation, business owner, and key employees, or targeting a goal of employee retention and attraction, we can accommodate these objectives by properly combining specific plan provisions. There are a multitude of plan provisions allowed by the IRS; such as various service requirements, testing methods, HCE (Highly Compensated Employee) definitions, vesting schedules, as well as many other custom plan options typically not found in standard prototype plan documents.
Retirement plan rules and regulations are dynamic and require constant monitoring to ensure plan compliance and optimization. In order to achieve the intended benefits of your retirement plan, we constantly review your plan provisions and monitor the effectiveness of the plan. We consider participation rates, average deferral percentages, plan investment choices, contribution diversification, account management usage, loan activity, and plan growth. If there is an area that needs attention, we address it.
Throughout our history, we have forged relationships with leading firms in the retirement plan arena. We believe our clients are best served by coordinating the efforts of our strategic partners, who are experts in their respective fields.
Rather than trying to manage all aspects of the retirement plan, we use our resources to connect plan sponsors with specialized firms in each area of the retirement plan process.
While we specialize in investments, we add value by coordinating with other service providers to maximize the effectiveness of the plan for participants and the plan sponsor. One of our strategic partners is a leading qualified retirement plan administration firm in the Washington, DC area with whom we have developed a 25-year long working relationship.
For your employees’ enrollment and education, we take the time to work with you to build a customized enrollment strategy that targets the needs of your employees. We are available to provide group presentations and one-on-one meetings with each of your employees.
Since (k)RPG Advisors is not affiliated with an insurance company, bank, or investment company, we have positioned ourselves to provide allegiance to our clients first and foremost with no inherent conflict of interest or bias.
A 401(k) profit-sharing plan allows you, as the employer, to contribute to your employees’ retirement plans using cash or employer stock as rewards. The plan itself uses a formula to allocate your annual contribution among the participants of the plan. Profit sharing is a great way to reward your employees and keep them loyal to your company.
Employers are not required to match their employees’ contribution to the 401(k) plan. If you match your employees’ contributions, you have to do so equally for all your employees, for example, by matching up to a certain percentage of each employee’s salary. You can include a profit-sharing contribution for eligible employees.
Small businesses, with 100 employees or fewer, can also set up a traditional 401(k) or use a tailored small business plan. The legal structure of the business doesn’t affect your ability to provide retirement plans to your employees. Corporations, partnerships, and nonprofit organizations can establish a 401(k) plan for their employees.
As a business owner, your time is better spent managing the day-to-day operations of the company and overseeing the direction and growth of your business. When you work with our financial advisors, we will help you select the best plan that meets your needs, ensure you follow the laws, provide expert advice and guidance, and even educate your employees about their enrollment and contribution options.
We’re here to help you set up a business retirement plan that meets your objectives. Contact our experienced team at (k)RPG to schedule an appointment today.