Cookie Cutter Plans? No Way! See the Sweetness of Customized Retirement Plan Design

The snow is falling (maybe… depending on where you live), holiday tunes (whichever holidays you might ascribe to at this time of year) are playing softly, and the smell of cookies is wafting through the air. Ahhhh December: the coziest (in my opinion) month of the year. It’s also, appropriately, National Cookie Cutter Month. And who doesn’t love baking, decorating, and of course EATING a good ol’ cookie (or five, no judgement) in December?

While cookie cutters are great fun for winter baking, they’re usually not great when it comes to retirement plan design. Of course we’re not talking about actual cookie cutters, but rather “cookie cutter plans.” You know, the “one-size-fits-all” type of retirement plan that rarely fits all? Let’s take a look at why most employers usually benefit exceedingly more with customized retirement plan design than without.

Retirement plans: A delicious treat for employers and employees alike

There are many reasons for business owners to sponsor a retirement plan. Maybe they’re looking to attract and retain talent. Perhaps their main goal includes larger tax deductions and increased savings opportunities. Or, they might be approaching a state-sponsored plan deadline and know they have better choices if they sponsor a plan vs. sign up for their state’s program. These are all mouth-watering reasons to establish a retirement plan, but not all retirement plans are created equally.

Don’t settle for half-baked plan design. You can do batter.

When it comes to retirement plan options, there are countless options for employers. Without an in-depth knowledge of retirement plans, it’s almost impossible to know the choices, let alone chews which type is the best fit. That’s where EGPS comes in with customized plan design and options employers might not have even known existed!

For example, a business owner might want to reward key employees and allow them to contribute more than others. EGPS can help make their dreams crumb true with a cross-tested plan that allows for this. Maybe after learning about ADP/ACP testing, a business owner is worried about their highly compensated employees contributing significantly more than their regular employees. With a safe harbor plan, EGPS can bake business owners happy by ensuring they don’t have to worry about this testing ever again. Another raisin for customized plan design? Contribution limits for typical 401(k) plans might be lower than a business owner would like. In this scenario, EGPS can design a plan that fits their needs butter: a cash balance plan, which allows for significantly higher contributions.

Good things crumb to those with a customized retirement plan design.

These are just a few of the many options on the retirement plan menu for to business owners. If it sounds overwhelming, it is (without EGPS)! But business owners don’t need to stress. EGPS is the expert baker, sharing the dessert menu and helping employers choose the best option for their unique palette.  Then, we compile the perfect ingredients for the best outcome to help both employer and employees reach their goals. We can chocolate of employer and employee happiness up to meaningful plan design.  It’s pretty doughpe.

Interested in a customized quote? Fill out the form below and we’ll reach out with the information we need for a free, no obligation proposal.

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