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Most people probably are familiar with profit sharing plans. An employer has a good year and distributes a portion of the company’s profit to employees based on a particular formula.
Money purchase pension plans are similar, except that the amount the employer contributes to the plan on behalf of each employee is a set amount specified in the plan.
Since the employer knows how much it will be contributing to the plan each year, it’s easier to manage the financial commitment associated with the plan and link costs back to the time when the benefit was earned.
Employees usually find the plan easy to understand, and they’ll appreciate the company’s commitment to contributing to the plan on an ongoing basis. Money purchase plans are most beneficial to younger employees who have the potential to stay with your organization for many years and accumulate a larger retirement benefit.
The Standard offers money purchase plans through our Mainspring Retirement Plan SolutionsSM product.
Most people probably are familiar with profit sharing plans. An employer has a good year and distributes a portion of the company’s profit to employees based on a particular formula.
Money purchase pension plans are similar, except that the amount the employer contributes to the plan on behalf of each employee is a set amount specified in the plan.
Since the employer knows how much it will be contributing to the plan each year, it’s easier to manage the financial commitment associated with the plan and link costs back to the time when the benefit was earned.
Employees usually find the plan easy to understand, and they’ll appreciate the company’s commitment to contributing to the plan on an ongoing basis. Money purchase plans are most beneficial to younger employees who have the potential to stay with your organization for many years and accumulate a larger retirement benefit.
The Standard offers money purchase plans through our Mainspring Retirement Plan SolutionsSM product.
