Want to offer a retirement package for your employees, but don’t know where to start?
Providing access to retirement plans can help you and your employees invest in their future. It can also result in tax benefits for your business*. Which type of retirement plan should you provide? The back of this sheet describes some of the available plan types. An Infinex Financial Professional can help you decide what would work best for your small business. Contact us today!
- Simple IRA: Participants fund the plan and the employer is required to contribute a specific percentage as well. Funds are immediately vested.
- 401(k): Participants fund the plan. Employer can also choose to contribute as an incentive. Safe Harbor and SIMPLE 401(k) plans can simplify employer requirements.
- SEP: Same percentage of pay contributed to each eligible employee. Contributions are not required every year.
- Profit Sharing: Regular contributions are made to participant accounts in the plan based on company profits for the term.
- Money Purchase Pension Plan: Similar to profit sharing plans and simple to maintain. Required annual contributions by the employer.
- Defined Benefit Plan: Sophisticated plan based on actuarial determination of each participant’s projected retirement pay.
To determine what retirement plan is right for your business and your long-term investment goals, talk to one of our Infinex investment executives today!
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*We do not provide tax advice. Contact your tax advisor. Information presented is simplified and does not show all aspects of each type of retirement plan. Talk to a professional for more details. Investment and insurance products and services are offered through INFINEX INVESTMENTS, Inc. Member FINRA/SIPC. Cape Cod Financial Services is a trade name of the bank. Infinex and the bank are not affiliated.