Meet Josh, Business Consultant
Josh and his spouse opened their own consulting firm five years ago and knew they wanted to add a retirement plan to their small business’s benefits package. With the goal of hiring additional employees in the future, as well as taking advantage of tax deductions for the business, Josh and his spouse decided the benefits of a 401(k) plan far outweigh that of an IRA for their firm.
Josh feels comfortable handling the investments in the plan, so he looked for a 401(k) solution that gives him ultimate flexibility in investment selection and plan design. He also wanted to be able to integrate with an HRIS system, where he can house all the business-related benefits, as a way to help make it easier on them when they start to hire more employees.
Josh decided that a CoPilot Open Architecture Solo(k) plan was the best fit for his small business, offering him flexibility in investment selection, payroll integration options, and an easy conversion process from a Solo(k) to a group 401(k) plan when they begin hiring additional employees. He included an employer discretionary match on the plan, so they can decide each year whether to make matching contributions and how much to contribute. He also included profit sharing as another contribution option to maximize savings for their future. And if a situation arises where they want to borrow from their savings, they can do that by allowing loans on the plan.
Many small business owners can relate to Josh’s goals, attitudes, and challenges when it comes to running his small business while also preparing for a financially-secure future for himself and his spouse.
Click the + below to learn more about Josh’s small business:
To learn more about choosing the right plan for your small business and explore our CoPilot plan options, check out the Retirement Plans Flowchart tool.
A Solo(k) plan is ideal for owner-only businesses and partnerships like Josh’s. Solo(k) plans operate just like large company 401(k) plans—allowing Josh to decide how much he wants to contribute to his retirement as both the plan participant and the plan sponsor.
The CoPilot Open Architecture 401(k) includes the CoPilot features of Savings Alerts and Years of Retirement calculations, while offering Josh ultimate flexibility in plan setup and investment selection. With access to thousands of investments, the CoPilot Open Architecture plan fits his needs.
Josh understands the many benefits of integrating payroll with his 401(k) plan—saving time and money, reducing manual errors, and minimizing administrative tasks, to name a few. He used this resource explains more about the benefits of payroll integration and what PAi’s 360° and 180° integration processes look like.
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CoPilot recordkeeping services include Years of Retirement calculations and savings alerts. Services for CoPilot are provided by Plan Administrators, Inc. (PAi), an Ascensus company. The Years of Retirement resource is for illustrative purposes only and is not, in any way, a guarantee of future results. CoPilot Prime is a suite of services provided by Plan Administrators, Inc. and PAi Trust Company, Inc. (PAi), which are Ascensus companies. CoPilot recordkeeping services include Years of Retirement calculations and savings alerts and are provided by PAi. Investment fiduciary services for CoPilot Prime are provided by PAi Trust, which is an affiliated business entity to PAi under common control and ownership interest. Services for CoPilot Prime Pooled Employer Plan are provided by PAi Trust Company, Inc., an Ascensus company. 401(k) plans are: Not FDIC insured | Not bank guaranteed | May lose value CoPilot IRA is a retirement service and is not an independent entity. Services for CoPilot IRA, including Years of Retirement and savings alerts, are provided by and through PAi Trust Company, Inc., an Ascensus company. PAi Trust Company does not provide any tax, legal, or investment advice. Individual Retirement Accounts are: Not FDIC insured | Not bank guaranteed | May lose value |