Plan for your employees' financial futures and strengthen your business with a well-designed retirement plan curated by our team at Platinum Financial Associates.
We provide comprehensive support to help you establish and manage a successful employee retirement plan in Chicago so that it aligns with your business goals and benefits your valued workforce.
Navigating the complexities of employer-sponsored retirement plans, such as 401(k)s, can be challenging. Our team will guide you through the process, helping you determine the optimal contribution structure, choose suitable investment options for your employees, and confirm compliance with all relevant regulations.
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Empower your employees to save for their futures with tax-advantaged retirement savings plans like IRAs and Roth IRAs. We'll help you determine if offering employer-matching contributions aligns with your budget and business objectives to further incentivize employee savings.
We'll work closely with you to design a customized employee retirement plan tailored to your company's specific needs in Chicago. We'll consider factors like your budget, employee demographics, and long-term goals to create a plan that benefits both your business and your employees.
We believe that informed employees make better financial decisions. We'll conduct engaging educational seminars and provide clear, easy-to-understand resources to help your employees grasp the benefits of their retirement plan and make informed choices about their savings strategies.
We provide comprehensive ongoing plan administration services, handling the day-to-day tasks associated with your employee retirement plan. We'll ensure compliance with all regulations and process contributions and distributions accurately and efficiently, prioritizing ongoing support to both you and your employees.
Contact our team of advisors to explore comprehensive retirement plan strategies for your Chicago business.
Providing a competitive employee retirement plan offers numerous advantages for both employers and employees, contributing to a more engaged and financially comprehensive workforce.
Attracting and retaining top talent in a competitive market like Chicago requires offering a strong benefits package. An employee retirement plan is a valuable component of that package as it demonstrates your commitment to your employees' financial well-being and sets your business apart from the competition.
A comprehensive benefits package, including a retirement plan, can be a deciding factor for highly qualified candidates.
Businesses can often benefit from tax deductions for contributions made to employee retirement plans, reducing their tax burden.
Showing your employees that you care about their financial future can lead to increased job satisfaction, loyalty, and productivity.
Offering a retirement plan can incentivize employees to stay with your company longer, reducing costly employee turnover.
Being known as a company that cares about its employees' financial well-being can improve your reputation and attract top talent.
Participating in an employer-sponsored retirement plan provides employees with a valuable tool for planning for their financial futures. These plans offer a structured way to save, potential tax advantages, and often, employer contributions to accelerate savings growth.
Retirement plans provide a structured way for employees to save for their future as they help them pursue their financial goals and retire confidently.
Many retirement plans offer tax advantages, such as tax-deferred growth or tax-free withdrawals in retirement, helping employees keep more of their hard-earned money.
Some employers offer matching contributions to employee retirement accounts, essentially providing "free money" to help employees work toward growing their savings faster.
Retirement plan contributions are automatically deducted from employee paychecks, making it easier to save consistently.
Many retirement plans offer access to professional investment management, helping employees make informed investment decisions and potentially optimize their returns.
Chicago businesses have a variety of retirement plan options to choose from, each with its features, benefits, and eligibility requirements.
401(k) plans are a popular choice for businesses of all sizes. Employees can contribute pre-tax dollars to their accounts, and employers may choose to offer matching contributions.
Profit-sharing plans allow businesses to contribute a portion of their profits to employee retirement accounts, providing an incentive for employees to contribute to the company's success.
Defined benefit plans provide employees with a guaranteed monthly payment in retirement, calculated based on factors like salary and years of service.
SEP plans are easy to set up and operate, making them a good option for small businesses or self-employed individuals.
SIMPLE IRAs are another simplified plan option for small businesses with 100 or fewer employees.
Within the category of 401(k) plans, there are several variations to consider, each with its own set of rules and benefits:
Traditional 401(k) plans allow employees to make pre-tax contributions, reducing their taxable income in the present and potentially lowering their tax burden. Taxes are deferred on both contributions and earnings until retirement.
Roth 401(k) plans offer tax advantages in retirement. Employees contribute after-tax dollars, but qualified withdrawals in retirement are tax-free. This can be beneficial for those who anticipate being in a higher tax bracket in retirement.
Safe Harbor 401(k) plans have specific contribution requirements for employers, designed to prevent discrimination in favor of highly compensated employees.
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Platinum Financial Associates is a Chicago-based financial planning firm committed to helping individuals and families pursue their financial goals. We take a personalized approach to retirement planning, working closely with you to understand your unique needs and aspirations.
We create customized retirement plans tailored to your specific circumstances, goals, and risk tolerance.
Our team understands retirement planning and investment management, guiding you through every step of the process.
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As fiduciaries in advisory relationships, we are legally and ethically obligated to act in your best interest at all times.
Our team of dedicated advisors is here to guide you toward a confident and fulfilling retirement for you and your employees.
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Founder & CPA
Experienced tax professional with a passion for helping businesses thrive.
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Administrative Associate
Efficient and organized support professional, ensuring smooth operations.
Chicago businesses offering employee retirement plans must navigate a complex landscape of federal and state regulations. Federal laws like the Employee Retirement Income Security Act (ERISA) set stringent standards for plan administration, fiduciary responsibility, participant disclosures, and reporting requirements. Additionally, state laws may impose further obligations on employers offering retirement plans. Be sure to consult with an experienced ERISA attorney or retirement plan advisor in Chicago to ensure your plan is compliant with all applicable regulations.
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Many factors play a role in determining the best employee retirement plan for your business, including your size, budget, employee demographics and long-term goals. You'll also need to decide whether you want to offer employer contributions, the level of administrative complexity you're comfortable with, and the tax implications for both your business and your employees. Engaging with a knowledgeable retirement plan advisor in Chicago can provide valuable guidance and help you evaluate the available options.
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Yes, many Chicago businesses choose to offer a combination of employer-sponsored retirement plans, such as 401(k)s, alongside employee-contribution options like IRAs or Roth IRAs. This approach provides employees with more flexibility and a wider range of savings options. For example, you might offer a traditional 401(k) with employer-matching contributions, allowing employees to save pre-tax dollars, while also providing access to a Roth IRA, which offers tax-free withdrawals in retirement.
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Offering an employee retirement plan in Chicago comes with significant fiduciary responsibilities. As a plan sponsor, you have a legal and ethical obligation to act in the best interests of your employees participating in the plan. This includes diligently selecting prudent investment options with reasonable fees, carefully monitoring plan expenses, proactively avoiding conflicts of interest, and providing accurate and timely information to participants about their plans. Failure to fulfill these fiduciary duties can result in penalties and legal action.
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Encouraging employee participation in your company's retirement plan is essential for its success. Effective communication and employee education are key. Consider conducting informational meetings or webinars to explain the benefits of the plan, provide clear and engaging educational materials, and highlight the advantages of participating, such as employer matching contributions and tax benefits. Offering financial wellness programs or access to one-on-one financial counseling can further demonstrate your commitment to your employees' financial well-being and make them more excited to participate in the retirement plan.
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Contact us to schedule a consultation and explore how we can help you create a comprehensive employee retirement plan.
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