Meet Chris, Heating and Cooling
Chris has big dreams when it comes to running his small business—and he knows time is money. He wanted to attract top local talent for his heating and cooling business while also saving money and creating new efficiencies to save time. His advisor recommended adding a retirement savings vehicle to his current benefits package to help accomplish all three goals.
As a business owner and a participant in the retirement plan, Chris understands the power of compounding interest and wanted to cash in on the benefits of matching contributions and profit sharing on behalf of the business. He also wanted to take advantage of tax deductions for his business, so he and his advisor decided a 401(k) best aligns with his goals.
Chris trusts his financial advisor to manage his plan’s investment selection, so he looked for a 401(k) with ultimate flexibility in plan setup and investment selection. Chris and his advisor decided a CoPilot Open Architecture 401(k) plan was the best fit for his needs and goals, giving his advisor access to thousands of investments while also giving Chris the day-to-day support he needs to efficiently run his plan.
In addition to setting up a vesting schedule and automatic enrollment, Chris wanted to encourage his employees to save for their future retirement so he also added an employer match to the plan. This means he will match part of his eligible employee’s contributions. Chris was also happy to start working with a local payroll company that could integrate with the 401(k) plan. After learning about the efficiencies and benefits of integration, he recognizes the value of streamlining the benefits and payroll process by automating contribution rates, hours worked, and employee information between the two systems. He also knows this type of integration will help his plan to stay in compliance with DOL/IRS related issues that can come up when contributions are not deposited timely or accurately.
Many small business owners can relate to Chris’s goals, attitudes, and challenges when it comes to running his small business efficiently while also preparing for his financial future.
Click the + below to learn more about Chris’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.
The CoPilot Open Architecture 401(k) is a great fit for Chris and his small business because it offers the CoPilot features of Savings Alerts and Years of Retirement calculations while providing ultimate flexibility in plan setup and investment selection for his advisor. With access to thousands of investments, the CoPilot Open Architecture can fit the needs of any size company.
While Chris works with a local payroll company that is integrated with his 401(k), PAi has partnered with multiple payroll providers to offer a bundled retirement solution to employers. Download this resource to learn more about our various payroll partners and integrated software platforms to find the one that works best for your business.
Planning for a comfortable retirement is a priority for Chris, and he knows offering a 401(k) to his employees will benefit his company in other ways as well. Whether you’re looking to attract and retain employees, lower your business’s annual tax bill, or simply enhance your staff’s retirement outcomes, there are plenty of reasons to choose a 401(k) plan.
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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 |