The State of Illinois mandates that most small businesses offer a retirement plan to their employees. Are you among the over 220,000 small businesses affected by this requirement?
While the My Illinois Savings program (formerly Illinois Secure Choice) provides a straightforward option for small employers, it offers minimal control and flexibility over how the program is managed and invested. An employer-sponsored retirement plan returns that control and flexibility back to you.
Why Choose an Employer-Sponsored Retirement Plan?
- Tailored Solutions: Customize your plan to meet the specific needs of your business and employees.
- Higher Contribution Limits: Offer yourself and your employees the opportunity to save more for their future compared to My Illinois Savings (formerly Illinois Secure Choice).
- Enhanced Benefits Package: Provide employer contributions to make your business more attractive to current and potential employees.
- Customizable Features: Adjust plan provisions such as vesting schedules, loan provisions, and investment options to align with your business goals.
Key Advantages Over My Illinois Savings (formerly Illinois Secure Choice)
- Attract and Retain Talent: Offer a more robust benefits package to attract and retain top talent.
- Control and Flexibility: Maintain control over both plan administration and investment choices.
- Tax Benefits: Take advantage of potential tax deductions for employer contributions, reducing your overall tax liability. Enhanced tax credits are available for small businesses starting a retirement plan, potentially up to $5,000 per year for the first three years.
Investing in a customized retirement plan not only supports your employees’ financial future but also strengthens your business. Let’s work together to create a retirement plan that works best for you and your team!
Ready to Explore Your Options?
Contact us today for a free consultation and discover how TNJ Retirement Partners can help you design the perfect retirement plan for your business.
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