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Employer Sponsored Retirement Plans

Employer Sponsored Retirement Plans Tailored to Fit Your Business

As a small business owner, the challenges you face are often unique to your business. The same is true for retirement planning. When it comes to planning for a financially secure retirement, there is no one-size fits all. But, the plan options and administrative requirements could seem overwhelming, or you simply don’t have the financial resources, time or personnel to maintain a plan.

Together with your Financial Representative, Lafayette Life can help you navigate the uncertainty to help you have the best retirement plan possible. Collectively, our team has more than a half-century of retirement planning expertise. We are ready to put that experience to work to help you and your Financial Representative identify the retirement planning solution that is right for you.

Four Reasons Why You Should Consider Sponsoring a Retirement Plan

There are many reasons for establishing an employer sponsored retirement plan – also known as a qualified retirement plan.

Save on Taxes

Contributions you make to the plan are generally tax deductible, and the investment earnings on the contributions are tax deferred — making good business sense for you. Additionally, when life insurance is an asset within your qualified retirement plan, the premiums you pay may be tax deductible too.

Save for Retirement

Having a qualified retirement plan can help you and your employees save for retirement. Contributions in a cash balance plan, for example, allow older owners to squeeze 20 years of savings into 10, which is appealing to the baby boomers who haven’t yet started saving for retirement.

Attract & Retain Quality Employees

With only a small percentage of small businesses offering a retirement plan, this can be a key differentiator for your business. Most of your current and future employees are likely shouldering more of the responsibility for their own retirement savings so you want to be sure you offer them a solid solution for their retirement needs.

Protect From Bankruptcy

Last but not least, a well-thought out qualified retirement plan is protected from creditors upon bankruptcy as long as there is at least one non-owner employee because the plan’s assets are for the sole benefit of the plan participants and not considered a company asset.

Two Types of Plans — Many Possibilities

Lafayette Life offers two types of qualified retirement plans that give small business owners many possibilities based on the goals you plan to achieve. All these can be custom designed to help give you the largest allowable share of total contribution as well as tax deductions for your business.

Defined Benefit Plans

These plans pay a specified benefit to the employee that is guaranteed at retirement. You as the employer make annual contributions to the defined benefit plan to reach a funding target.

Defined Contribution Plans

These plans may allow contributions from employees, and the benefit they receive at retirement will be based on discretionary contributions made by the employee, the business or both, and interest earned through the years.

Why Choose Lafayette Life for Your Retirement Plan?

Every employer sponsored plan from Lafayette Life is backed by our convenient one-stop service for retirement plan designs, funding options, document services, and distribution planning and administration from credentialed associates who are members of the American Society of Pension Professionals & Actuaries and the National Institute of Pension Administrators.

This means you have our help from start to finish. From the beginning, we provide consultative services to help you and your Financial Representative understand the types of plans available. We provide you with various options to fund your retirement plan offerings, including both contribution amounts and investment options. Once your plan is in place, our team takes care of the day-to-day administration of the plan so you can focus on what you do best – running your business.

Let’s Team Up for Success

You and Lafayette Life could be a winning combination together. Whether you are ready to become a Financial Representative or would like to learn more about working with Lafayette Life, we are eager to hear from you.

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IMPORTANT DISCLOSURES

The Lafayette Life Insurance Company does not provide legal or tax advice. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Lafayette Life cannot guarantee that the information herein is accurate, complete or timely. Lafayette Life makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Please consult an attorney or tax professional regarding your specific situation.