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Low cost and positive benefit. Who doesn’t love that combination?
Employees play a significant role in the success of any business. Many employers want to reward their hard work and dedication through a profit-sharing plan.
With a profit-sharing plan, the employer chooses, based on profits or other factors, whether or not to make a contribution to the plan for that year, and if so, how much. At the end of the year, contributions are divided among eligible employees, usually based on a percentage of their compensation.
Profit sharing plans are particularly attractive when their low-maintenance nature and manageable costs are factored in. Employees value profit-sharing plans when contributions are made regularly, but such a plan provides little recruiting value if contributions are inconsistent.
A 401(k) feature can be included in a profit sharing plan. The Standard offers profit sharing plans through our Mainspring Retirement Plan SolutionsSM product.
Low cost and positive benefit. Who doesn’t love that combination?
Employees play a significant role in the success of any business. Many employers want to reward their hard work and dedication through a profit-sharing plan.
With a profit-sharing plan, the employer chooses, based on profits or other factors, whether or not to make a contribution to the plan for that year, and if so, how much. At the end of the year, contributions are divided among eligible employees, usually based on a percentage of their compensation.
Profit sharing plans are particularly attractive when their low-maintenance nature and manageable costs are factored in. Employees value profit-sharing plans when contributions are made regularly, but such a plan provides little recruiting value if contributions are inconsistent.
A 401(k) feature can be included in a profit sharing plan. The Standard offers profit sharing plans through our Mainspring Retirement Plan SolutionsSM product.
