Agent Owner, Gilmore Insurance Services, Marysville, Washington State
What factors to consider when creating a retirement plan? COST. Different plans have different costs associated with the operation of a plan. Administrative cost and fees can be greater than the cost of matching for some small business plans. A business owner has to look at a variety of options in plan design to keep the administrative costs low and money spent towards providing a plan, goes towards the employees the employer actually wants to reward.
Most companies have set aside funds to provide for administrative costs and matching for their retirement plans. The thing is the higher your administration costs, the less money an employer has to give to the employees of the business. There are many plan choices out there to choose from. I would suggest finding a plan that allows you to reward the people who work for you, not so much for the people that bill you (plan administrators).
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Most companies have set aside funds to provide for administrative costs and matching for their retirement plans. The thing is the higher your administration costs, the less money an employer has to give to the employees of the business. There are many plan choices out there to choose from. I would suggest finding a plan that allows you to reward the people who work for you, not so much for the people that bill you (plan administrators).