When it comes to retirement plans, one size rarely fits all. Each business has unique goals, employee demographics, and financial realities. Additionally, when it comes to retirement plan design options, there’s a wide array of possibilities (or plenty of fish in the sea). Thankfully, business owners don’t have to swipe endlessly through plan options, because EGPS acts as the expert matchmaker, pairing companies with the retirement plan—or combination of plans—that best aligns with their objectives. This approach ensures a seamless match without requiring business owners to do the heavy lifting.
The Power of Advanced Plan Design
Advanced retirement plan design goes beyond standard solutions. By strategically customizing plan features, EGPS experts can help business owners:
- Maximize retirement contributions, helping them save more and achieve long-term goals faster
- Attract and retain key employees, creating loyalty and engagement
- Provide flexible benefits tailored to workforce demographics
- Optimize tax efficiency, making the most of available deductions and deferrals
- And achieve their unique goals
This tailored approach matches each business with the plan or combination of plans that provides the most strategic value, as shown in the following scenarios.
Real-World Matchmaking Scenarios
Scenario 1: A mid-sized business wants flexible, performance-based contributions for employees.
- Challenge: The workforce is diverse in age and income, making standard allocations less effective.
- EGPS Match: A 401(k) paired with discretionary profit-sharing, allowing contributions to flex year over year based on company performance and workforce needs.
- Result: Employees contribute 6% on average, while the company adds 5–8% in profit-sharing, creating a flexible, equitable plan that rewards performance without locking the employer into fixed costs.
Scenario 2: A nonprofit or school wants retirement options that fit a diverse workforce.
- Challenge: Employees have different retirement needs, and the organization is balancing flexibility with compliance.
- EGPS Match: A customized 403(b) plan design tailored to the organization’s structure and employee population.
- Result: Employees receive meaningful, well-aligned retirement benefits while the organization remains compliant and competitive in attracting and retaining talent.
Scenario 3: A contractor-heavy business wants to reduce payroll costs and stay competitive on bids.
- Challenge: Prevailing wage requirements across multiple projects drive up payroll costs and create administrative complexity.
- EGPS Match: A prevailing wage retirement plan designed to properly allocate required contributions while meeting labor rules.
- Result: Payroll costs are reduced by shifting compensation into qualified benefits, bids become more competitive, and the company remains fully compliant—while employees still receive meaningful retirement contributions.
Scenario 4: A company wants to reward key executives without exceeding contribution limits for everyone else
- Challenge: High performers need extra incentives, but traditional contributions would create inequities.
- EGPS Match: Implementation of a nonqualified deferred compensation plan for select executives.
- Result: Each executive can defer an additional $50,000–$100,000 per year, enhancing retention while maintaining fairness across the workforce.
Scenario 5: A high-income business owner wants to maximize retirement savings
- Challenge: Standard 401(k) limits aren’t enough to reach retirement goals.
- EGPS Match: Adding a cash balance plan on top of the existing 401(k).
- Result: Annual contributions increased from $25,000 to over $150,000, providing significant tax savings and a turbocharged retirement strategy.
The Bottom Line
As shown above, advanced plan design transforms retirement planning from a standard transaction into a strategic, high-impact solution. By acting as the matchmaker, EGPS ensures each business finds the ideal plan fit—without the trial-and-error or endless “swiping” through options. Thus, the right match drives better contributions, stronger employee engagement, and a smoother path to retirement success.
In short, EGPS makes the connections that matter. From 401(k)s and profit-sharing to cash balance, nonqualified arrangements, prevailing wage, and 403(b) plans, each retirement solution is carefully paired to maximize value for both businesses and their employees.
