Posted on Nov 21, 2022
With 2023 right on the horizon, now is a good time for employers to review whether their retirement plans are still in alignment with their business needs and goals. Your retirement plan document defines how your plan operates, but has your business changed since the plan was developed? Do the decisions made about your plan at its inception still support the best interests of your company and workers?
For instance, has your workforce grown and become more complex? Have you added new products, services, or locations that may impact your plan? Have there been any ownership changes or acquisitions? Any of these factors can call for adjustments.
Another consideration is whether your retirement plan gives you a comparative advantage in your industry. Does your current benefits package help retain employees and attract new talent? In today’s competitive landscape, offering a solid retirement plan can increase employee satisfaction, loyalty, and productivity. Moreover, rampant inflation has made many Americans appreciate employer benefits more than ever and value the before-tax advantages of a retirement plan, as well as employer-matching contributions.
Finally, as your business evolves, perhaps your profitability has grown and your own savings goals have changed. It may be time to explore strategies to maximize savings, minimize taxes, and take full advantage of the options available to secure your own financial future.
Watch this brief video for a snapshot of why it may be time to meet with your plan sponsor and prepare for the New Year!
This material is provided for informational purposes only, and is not intended as authoritative guidance, legal advice, or assurance of compliance with state and federal regulations.Back to Blogs Helpful Resource Links