Structure Your Retirement Plan to Attract Top Talent

Posted by: Rod Kurtz on January 6, 2010

If you look at your company retirement plan as a tool to attract the best talent, now is a great time to review your options for improvement. As 2010 begins, it is important to keep in mind that a required restatement period for some retirement plans under the 2001 Economic Growth & Tax Relief Reconciliation Act must be done by April 30, 2010.

There are always many choices to optimize what you offer employees, but with this restatement of plan documents, there may be new options, including: rewarding different employees at different levels, different retirement benefits, or retirement dates for different classes of employees, or safe-harbor options to avoid top-heavy plans where high-income earners’ deferrals are limited because lower-income earners are not participating.

Now may be the time to evaluate your plan to save expenses or change the financial commitment required by your firm because of the economy. On the other hand, a lot of talented people are looking for work right now, and an excellent way to differentiate yourself, without too much cost, is to tailor your plan to attract the best talent. Review your options with your adviser or a local pension administration firm soon.

Dave Shepherd, Sr.
President and Founder
Retirement Financial Services
Tucson

Post a comment

 

About

Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.

To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.

BW Mall - Sponsored Links

Buy a link now!