Employer Retirement Plans

There are many ways to customize your 401(k) plan for you and your business.

If you answer any of these questions with a “yes” check out the many small business 401(k) options available to upgrade your 401(k) to work better for you and your employees.

  • Do you want to be able to maximize your personal savings?
  • Do you want to attract and retain employees with key benefits?
  • Do you want more retirement tax strategies?
  • Has your 401(k) plan failed compliance testing in the past?
  • Are you concerned about your employees' retirement success?

Schedule your call with a 401k specialist

 

A 401(k) plan is the most flexible and common company-sponsored retirement plan. Here are some of the best 401(k) plans options for small business.

Employer Match

Employer Match

Encourage your employees to defer more money by offering a match. Consider using a vesting schedule to encourage employee retention.

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401k Auto Enrollment

Auto Enrollment

Auto enrollment has been shown to increase participation rates among staff and better prepare your employees for retirement.

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401k Safe harbor

Safe Harbor

Pass most compliance testing with this option.

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401k Profit Sharing

Profit Sharing

Every year, based on your business's success, you can give your employees a retirement bonus through a Profit Sharing Plan.

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401k Business Cash Balance Plan

Cash Balance

Reduce personal taxable income and accelerate savings. Cash Balance is designed for high-net-worth owners of small businesses with steady revenue.

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Business 401k roth plan

Roth 401(k)

A Roth 401(k) option allows you and your employees to contribute post-tax earnings toward retirement.

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Compare Employer Retirement Plan Options

Employer Match
Auto Enrollment
Safe Harbor
Profit Sharing
Cash Balance
Roth
Why You Want It
Employer Match

When your employees defer a percentage of their income, the company can match it and create parameters to match the deferral amount.

Auto Enrollment

Auto enroll employees into the 401(k) plan as soon as they qualify.

Safe Harbor

A provision added to your 401(k) plan that gives you a pass on most compliance testing.

Profit Sharing

Most flexible way for employers to defer retirement dollars to their employees.

Cash Balance

Can help business owners realize tax deductions and savings rates up to 4x more than with a stand-alone 401(k) plan.*

Roth

Roth accounts are attractive to younger employees and high-earning employees. 

Considerations
Employer Match

You can set the matching amount at a %, (i.e. match the first 3%). And you can set a vesting schedule — meaning that the 3% match vests after several years of employment.

Auto Enrollment

Set a base deferral rate for employees upon enrollment (3% for example) with an option to opt out whenever they choose.

Safe Harbor

Requires an annual employer contribution that is immediately 100% vested.

Profit Sharing

As defined in the plan document, this can be a discretionary contribution each year distributed to your eligible employees. There are several ways to allocate those dollars.

Cash Balance

Reduce personal taxable income and accelerate savings. All assets in the cash balance plan are pooled and come from the employer.

Roth

A Roth costs very little, if anything, to add on to your existing 401(k) plan. 

When Is It Right?
Employer Match

Increases employee engagement levels. Employees appreciate when companies invest in their retirement.

Auto Enrollment

Improves employee retirement readiness. If your employees are unlikely to enroll on their own they could lose out on valuable compound growth opportunities.

Safe Harbor

With Safe Harbor, the company 401(k) plan will have reduced testing requirements, and employees benefit too with an annual 401(k) contribution from their employer.

Profit Sharing

Not only are you sharing your business success with your employees, but you control how much is contributed each year—less in lean years and more in good years.

Cash Balance

Adding a Cash Balance Plan reduces the business owner's taxable income and increases the owner's savings rate, and benefits employees too with an employer contribution into their 401(k).

Roth

Add a Roth option to your 401(k) plan anytime to give your employees different tax strategies in retirement.

*Based on 2018 contribution limits and assumes a 37% tax; varies by state. Taxes are deferred.

How to Build the Best 401(k) Plan for Your Industry
Compare 401(k) programs across industries to see if you’re getting what you need
 
 

The features of a successful 401(k) plan can vary widely, and what works for one business may not be the right fit for another. To help you find out what is common for organizations in different industries, we've gathered helpful data insights. Fisher Investments customizes services to address each industry's needs to drive 401(k) success.

 
 

Manufacturing

Make It Simpler for Employees Enroll and Save

Average Percentage of Pay Saved

Manufacturing 9.6% 9.6%
 
Other Industries 9.2% 9.2%
 

Second Highest Rate of Participants Taking Full Advantage of Match

Healthcare 74% 74%
 
Manufacturing 67% 67%
 
Professional Services 55% 55%
 
Construction 53% 53%
 
Manufacturing Other industries
 
Manufacturing employees have above-average savings rates and the second-highest percentage of participants taking advantage of a company match. Manufacturing firms typically have a very diverse employee base and can benefit from enrollment
and annual 401(k) presentations that are in-language and culturally relevant. Fisher Investments helps manufacturing companies by offering off-site meetings and
one-on-one consultations.

Professional Services

Attract Talent with a Feature-Rich 401(k) Plan

Plans that offer Safe Harbor

63.3% 63.3%
62.0% 62.0%
 
Professional services Other industries
 
For professionals like lawyers, accountants, architects, and marketers, a 401(k) plan is a necessary recruitment and retention tool. There are many ways to make your company’s 401(k) plan stand out, from more personalized employee services to specific plan design options. One option that professional services use more than average is Safe Harbor, a type of plan that allows high earners to invest more while allowing your company to be free of many types of compliance testing requirements. At Fisher, we help businesses attract talent with a feature-rich 401(k) plan with
one-on-one employee guidance that can really set you apart from your competitors.

CONSTRUCTION

Boost 401(k) Enrollment

Average Participation Rate

70%
 
Enrolled Not enrolled
 
Recruitment and retention tools like 401(k) plans are a must in an industry where 80% of firms say it’s hard to fill positions.1 Plan participation among construction employees does lag slightly behind the average for all industries, but one reason is that it can be difficult for off-site employees to join 401(k) plan meetings in headquarters or find time to join a webinar. That’s why Fisher Investments will travel to worksites for in-person, one-on-one meetings to help employees get the knowledge they need to create saving and investment strategies and enroll in their company’s plan.

HEALTHCARE

Help All Employees Maximize Savings

Average Plan Participation Rate

Healthcare 86% 86%
 
Other industries 75% 75%
 

Average Percentage of Pay Saved

Healthcare 10.1% 10.1%
 
Other industries 9.2% 9.2%
 
Healthcare Other industries
 
Healthcare employees are savers, with higher participation and savings rates on average. However, there can be wide differences in salaries, which can impact the benefits that employees need from their 401(k) plans. At Fisher Investments, we offer customized solutions to help all levels of earners. We help them focus on long-term goals, investment style, and retirement time horizon, rather than just desired risk level, to help them set up their ideal investment strategy.

Get the most out of your 401(k) plan.

For companies in every industry, Fisher Investments can provide services tailored to the needs of you and your employees.

To discuss your company’s 401(k) plan, call us at (844) 237-9243 or have us call you.

see the source

The data in this infographic is sourced internally from Fisher Investments. View the data here.
 
About Fisher Investments 401k
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Fisher Investments 401(k) Solutions is committed to bringing unparalleled support to small and mid-size businesses and their employees through 401(k) retirement plan services.

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844-343-4015
info401k@fi.com

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