Meet Kristen, Personal Trainer
Between hosting personal training sessions, working to grow her client base, and everything else involved in running her own small business, Kristen is always on the move. As an owner-only business, she has a lot on her plate and really values saving time and money.
When it came to her future, Kristen knew she needed to start taking her retirement savings more seriously. She has always had a personal savings account but never saved in a retirement savings vehicle until she opened a 401(k). Once her business was off and running, she knew it was the perfect time to sponsor a retirement plan through her company. Her home state of Oregon offers a state-run IRA option she could have utilized, but she knew she wanted to save more than $6,000 per year (the maximum IRA contribution limit) to help her get back on track with her retirement savings—so she decided a 401(k) plan was the best option for her small business. As Kristen continues to grow her client base, she plans to start building a team to help support her businesses growth. Having a 401(k) benefit in place will help with recruitment and retention in the future.
Kristen doesn’t have a financial advisor, so she looked for a plan that offers a “do-it-for-me” solution with fiduciary protection, managed accounts, and plan support. She also knows time is money, so she wanted her 401(k) provider to be able to partner with an HRIS provider that offers management of all company benefits in one application. She decided the CoPilot Prime Solo(k) 401(k) plan had the features and options she was looking for, offering two layers of fiduciary protection, integration with multiple payroll providers, and award-winning customer support. She selected an employer discretionary match feature on the plan to allow for monthly employee contributions and annual employer contributions before tax filing deadlines. Plus, profit sharing allows her to make additional contributions as her business profitability continues to grow.
Many small business owners can relate to Kristen’s goals, attitudes, and challenges when it comes to running her small business while also preparing for future retirement security.
Click the + below to learn more about Kristen’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.
Oregon is currently requiring that all employers, regardless of size, offer a retirement plan. Knowing the difference between the state-offered IRA vs. a 401(k) was helpful to Kristen when researching company-sponsored retirement plan options.
A Solo(k) plan is ideal for owner-only businesses and partnerships like Kristen’s. Solo(k) plans operate just like large company 401(k) plans—allowing Kristen to decide how much she’d like to contribute to her retirement as both the plan participant and the plan sponsor.
Kristen knew she wanted a plan with an added layer of fiduciary coverage. Fiduciary language and responsibilities can be confusing, helped break down each role so Kristen could truly understand her responsibilities.
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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 |