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Small Business Retirement Plans


retirement plans

Tutton Insurance Services, Inc. provides retirement plans to small businesses in Orange County, Riverside County, Los Angeles County, San Diego County, San Bernardino County, Ventura County, and surrounding areas.

Smart Decisions for a Happy Retirement

Offering a retirement plan for your employees could be one of the best things you'll do for your small business. The benefits aren't just in the future, either—as pointed out by the Department of Labor, starting a retirement plan offers immediate tax benefits in the form of deductibles, deferred taxation, and tax-free growth. Small employers can also usually take advantage of available tax credits that help offset the creation and administration of their plan, making it both easy and affordable to get started.

 If you're going to start offering small business retirement plans, you need to decide what type of plan(s) are actually going to be offered. There are a few different choices, each with their own advantages for different types of business owners.
 

401(k) PLANS

A 401(k) plan—named after its designation by the IRS—is a special type of retirement account that allows employees to contribute some of their earnings into a savings plan. The three main forms of 401(k) plans available are safe harbor, automatic enrollment, and traditional, all of which have important differences for small businesses. We encourage talking to a certified financial professional prior to selecting a plan in order to ensure that it's right for your company's needs, both now and in the future.

Federal income tax laws are complex and subject to change. Neither Nationwide nor its representatives give legal or tax advice. Please consult your attorney or tax advisor for answers to specific questions.
 

PENSION PLANS

Your employees are an integral part of your success as a business – especially those who have committed many years of faithful service to aid in the advancement of your day-to-day operations.  Tutton Insurance Services can help your business show its appreciation to its devoted employees by setting up traditional Pension Plans. These plans are entirely company-driven and allow your business to provide additional income to employees upon retiring.  We'll guide you through setting up a pension plan for your employees and walk you through the steps your business should take in order to meet its Pension obligations.

Pensionmark Financial Group, LLC is an investment adviser registered under the Investment Advisers Act of 1940. Financial Advisors at Pensionmark Financial Group, LLC may also be registered representatives of CapFinancial Securities, LLC (member SIPC).
 

PROFIT SHARING PLANS

If your company's income is variable, you can opt for what's known as a "profit sharing plan." These plans accept contributions at the discretion of employers, and typically do not require a certain amount of contributions each year. This is especially useful for startups, who may not have funds to spare as they work to establish themselves and deal with the challenges of creating a new business.

While all plans are required to file a Form 5500 each year to report their performance, the plans are accepted for businesses of any size and can even be used by companies that have other retirement plans in place. A Tutton Insurance Services agents would be happy to discuss these and other options with you.

Guarantees and protections are subject to the claims paying ability of the issuing insurance company.

Pensionmark Financial Group, LLC is an investment adviser registered under the Investment Advisers Act of 1940. Financial Advisors at Pensionmark Financial Group, LLC may also be registered representatives of CapFinancial Securities, LLC (member SIPC).