Setting up a 401k program isn’t exactly an easy task, especially when the decision will affect so many people. You must think about what is best for your employees, or you could be looking at some hefty fines. You also need an understanding of what the different options are so you can make an informed choice. Here’s more on the valuable reasons to consult an advisor for your company’s 401k program.
Consider Your Employees’ Needs
It’s up to you to take care of your employees, and the way you care for them can leave a significant impression on their morale. Your employees need to plan for their future, which in many cases means retirement planning. If you want to set your employees up for success, you should call in an advisor when you set up a 401k program. Your employees have families to think about, but you need to work within your budget. The pros can help you find a program that meets everyone’s needs.
Protect Yourself from Fines
It is your obligation as the owner of a business to choose a 401k plan. If you don’t choose one that is in the best interest of your workforce, then there will likely be consequences. The Department of Labor will check to make sure that you comply with this rule, and they may lay down steep fines if you are found in violation, so work with an advisor.
Understand Your Options
Not every business owner is a financial professional, but you’re held to a certain standard nonetheless. An advisor will break down the different 401k options and explain them so that you can make an informed decision. This helps you protect your employees, yourself, and your company.
Are you looking for an advisor to help you with your company’s 401k program? You can always trust the professionals at Financial Directions to help you out. If you’re interested in retirement planning in Tucson, give us a call at (520) 408-7777 to learn about our services.
