Retirement Plan Servicing

At Cornerstone Private Wealth Management, we understand the importance of providing retirement benefits for your employees while maximizing tax advantages for your business. We offer a range of business retirement account types to help you build a secure future for both your business and your employees.

We'll help you assess your business needs and goals to determine the most suitable retirement account types. Our team of professionals will guide you through plan design, implementation, and ongoing administration, ensuring compliance with regulatory requirements and maximizing the benefits for your business and employees.

1. 401(k) Plans: A 401(k) plan allows employees to contribute a portion of their salary to a retirement account, with the option for employer matching contributions. It offers flexibility, tax advantages, and the ability to customize contribution limits and investment options.
2. Simplified Employee Pension (SEP) IRA: A SEP IRA is a retirement plan for self-employed individuals and small businesses. It allows employers to make tax-deductible contributions on behalf of eligible employees, with the potential for higher contribution limits compared to traditional IRAs.
3. Savings Incentive Match Plan for Employees (SIMPLE) IRA: A SIMPLE IRA is designed for small businesses with fewer than 100 employees. It offers both employee and employer contributions, with simplified administration and lower costs compared to other retirement plans.
4. Defined Benefit Plans: These plans provide a guaranteed retirement benefit based on factors like salary and years of service. They offer high contribution limits and are suitable for businesses seeking to provide substantial retirement benefits.
5. Profit-Sharing Plans: Profit-sharing plans allow employers to contribute a portion of business profits to employee retirement accounts. Contributions are discretionary, giving businesses flexibility in managing contributions based on profitability.

A workplace retirement plan can offer several benefits to business owners:

1. Attract and Retain Talent: Offering a retirement plan can be a valuable tool for attracting and retaining top talent. It demonstrates that the business is invested in its employees' long-term financial security, making it an appealing workplace for prospective employees.
2. Tax Advantages: Business owners can enjoy tax advantages by contributing to a retirement plan. Contributions made by the business are typically tax-deductible, reducing the overall taxable income. Additionally, business owners may be eligible for additional tax incentives or credits when establishing certain types of retirement plans.
3. Employee Morale and Productivity: A retirement plan shows employees that the business is invested in their future and cares about their financial well-being. This can boost morale, increase loyalty, and improve overall job satisfaction. When employees feel secure about their retirement, they can focus on their work more effectively, leading to increased productivity.
4. Business Succession Planning: Retirement plans can be structured to facilitate business succession planning. For business owners looking to transition out of their role, a retirement plan can serve as a tool to incentivize and reward key employees or potential successors, ensuring a smooth transition and continuity of the business.
5. Personal Retirement Savings: As a business owner, contributing to a retirement plan allows you to save for your own retirement while taking advantage of tax benefits. It helps ensure that you have a dedicated retirement savings vehicle separate from your business assets.