Customizing Your Retirement Plan
There are many ways to customize a retirement plan to meet your organization's unique business needs.
Employers can add supplement plans - like, cash balance, ESOP, non-qualified deferred compensation (NQDC) and more - to help employees save even more for retirement and to increase business tax advantages.Learn More
A Roth option allows you and your employees to pay taxes on your retirement savings now, instead of when you take distributions in retirement. Providing a Roth option may reduce the overall taxes paid over the life of the investment and is an important part of a tax diversification strategy.
There are four main parameters that plan sponsors can designate for their plan.
- Eligibility: Determine which employees can join the plan and when.
- Vesting: How quickly your employees fully own employer contributions.
- Automatic Enrollment/Escalation: Whether employees will be automatically enrolled in the plan and registered for annual contribution increases.
- Loans: Enable participants to borrow against their vested balance.