Employer Retirement Plans
Determine the Right Plan for Your Business
Arvest Wealth Management has a retirement plan consulting team that can help you evaluate your options and review your current group retirement plan. The goal is to help you to understand all the costs associated with a plan, including administration, recordkeeping and investment options. Our years of experience and dedication to the employer-sponsored retirement plan area provide a level of service and accountability that is rare in our industry.
Several plan options are available to your business:
These plans are ideal for small organizations or self-employed individuals. They are easy to establish and have no special governmental filing requirements. Only the employer makes contributions and the limit is up to 25% of compensation, up to $56,000 (2019).
These plans are for companies with up to 100 employees and allow for employees to defer wages into the plan and for the employer to also make contributions. Employers cannot place a limit on employee contributions, except to comply with the annual limit of $13,000 (2019). Employees age 50 or over can make catch-up contributions up to $16,000 (2019). The employer can elect a matching feature or a simple percentage of wages contribution. There is some administration needed.
These plans have become popular because of their flexibility and the higher limits for employee and employer contributions. There can be significant administration needed and annual filings are required. Employees can defer up to 100% of their wages with a limit of $19,000 (2019). Employees age 50 or over may also make catch-up contributions of up to $6,000. (2019).
Defined Benefit Pension
Allows employers to contribute money on a quarterly basis toward a predetermined retirement benefit for each employee based on age and compensation up to $225,000 (2019) per year.
Profit Sharing Plan
Employers may make discretionary annual contributions into employee retirement accounts up to 25% of each employee's salary or a maximum of $56,000 (2019).
403(b) Custodial Account
Similar to a 401(k), this plan gives employees of educational, scientific, charitable or religious organizations an option to save for retirement while deferring taxes on contributions and earnings.
For businesses, nonprofits, and government agencies, Arvest Wealth Management offers specialized solutions and support that help you manage investments, oversee custodial accounts, and provide employee benefits.