Retirement plan or pension plan is a method of providing future income for your employees. There are many plans from a simple 401K to a profit sharing plan. All these plan are complicated and require a good deal of complicated government paperwork to create and maintain. The plans can also be very costly if not structured right from the beginning.
Establish your goals. Is the main purpose of the plan to provide for your retirement or is it intended to be a significant benefit to attract and maintain employees? Once you establish your goals discuss those goals with your account and other advisors. Do not jump into the first plan you come across. Make sure you understand the benefits and the costs to create the plan and to complete the annual paperwork.
For more information visit the Depart of Labor website HERE
Information on your retirement plan should be included in your Employee Manual.
Original Content copyright 2010 Thomas Robinson
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