Employee Benefits
In today's highly competitive marketplace, it's becoming increasingly difficult for business owners to attract and retain top talent. Salary is no longer the sole compensation driver. Employees are also looking at an employer's overall benefits package and its potential to help address their real concerns of financially protecting their families in addition to adequately planning for retirement.
You probably already have a standard benefits package in place, one that includes medical and dental coverage, disability income insurance, and a retirement plan. However, your competitors more than likely offer a similar benefits package. These days, employees are looking for benefit plans above and beyond the standard packages that most employers already offer. These benefits often provide the primary incentive for key employees to join and remain loyal to your company.
Designing an attractive employee benefits package may seem expensive, but the tax considerations can help offset the overall cost, and its impact on current and prospective employees could be rewarding. Through our network of Financial Services Representatives, we can help you provide an attractive employee benefits package for the employees that are most valuable to the success of your company.
Below are some of the retirement options that are available:
SEP IRA
Simple IRA
Profit-Sharing
401(k)
Safe Harbor
Defined Benefit Plans
Deferred Compensation Plans
Executive Bonus
Salary Continuation
Consider a few of the following options for your employee benefits program.
Annuities
Establishing individual retirement arrangements funded by annuities is easy for a small business. Offering this type of benefit may help you retain and motivate your company's employees.
Disability Income Insurance
Provide employees with income protection that supplements your company's group long term disability plan in the event of a disability.
Executive Benefit Programs
We offer solutions that are designed to assist in recruiting and retaining executives.
Executive Group Life Insurance
Gain a competitive edge by providing valuable life insurance benefits to your executives and senior professionals.
Long Term Care Insurance
Help retain your employees and enhance your company's benefits while taking advantage of tax savings.
Golden Handcuff
To retain key employees, make their jobs too good to leave.
Accordingly, the company gives financial incentives to key employees to avoid them from changing jobs. These incentives are known as ‘golden’ handcuffs.
Typical arrangements:
- Salary reduction and bonus deferral
- Retirement money withdrawal
- SERP (Supplemental Executive Retirement Plan)
- Excess Benefit Plans
Corporate Retirement Plans
EXTENSIVE EXPERIENCE AND TRUE COMMITMENT
Mak Legacy Insurance Solutions provides comprehensive retirement plan services to corporations. Our experiences in this unique area of the marketplace dates back to 1983 as the retirement plan industry was just beginning to evolve. Over the years, this marketplace has changed tremendously and continues to evolve as employers seek to provide the best plan possible for their employees. Our commitment to excellence in this marketplace has made us a trusted advisor to our clients.
PURSUING PLAN SUCCESS
We listen to our client’s needs and help identify what options are suitable for both themselves as well as their employee base. We counsel our clients on plan design, integration, and cost savings recommendations. We utilize industry benchmarks to help our clients understand where they rank against other plans of their size and help identify areas of improvement.
What’s the best way to handle old IRAs and 401(k)s?
When you change jobs or retire, there are four things you can generally do with the assets in any employer-sponsored retirement plan:
- Leave the money where it is.
- Take the cash (and pay income taxes and perhaps a 10 percent additional federal tax if you are younger than age 59½).
- Transfer the money to another employer plan (if the new plan allows).
- Roll the money over into an IRA.
Rolling over from one qualified plan to another qualified plan allows your money to continue growing tax-deferred until you receive distributions in retirement. We can help you determine if a rollover is the right move for you.
Note
The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. We are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.
Our firm is not permitted to offer, and no statement contained herein shall constitute, tax or legal advice.
You should consult a legal or tax professional on any such matters.