Most of us live in homes that were not custom-designed for us. We adapt to them rather than expect them to be optimized to how we like to live. Most retirement plans are sold the same way. Companies buy something off the shelf that was intended for a generic audience, but not necessarily ideally suited for them. The irony is that while these plans are sold as cost-efficient, they often wind up costing their buyers a great deal in the long run because of lost tax savings or retirement savings since they're not optimized to their particular situation.
We prefer to take a very different approach. We focus on aligning your retirement plan design to your specific situation. That means we listen and assess what your true goals are and then present a range of ideas that can best deliver on those needs.
Plan designs can vary in important ways. For example, depending on the plan, contributions can be discretionary or mandatory. They can favor older employees over younger ones. They can accumulate a balance like a 401(k) or a promised benefit as in Defined Benefit (DB) plan. They can have modest limits on contributions or can go up to multiple six figures in DB and Cash Balance plans.
Unless your focus is to find the least expensive way to offer a retirement benefit, we invite you to take the time to learn more about plan design options that may create be a better fit for you, and your employees. We think you'll appreciate the results a custom approach can deliver.