{"id":6489,"date":"2019-10-07T13:59:53","date_gmt":"2019-10-07T18:59:53","guid":{"rendered":"https:\/\/schenkelberg.investments\/?p=6489"},"modified":"2019-10-07T14:00:08","modified_gmt":"2019-10-07T19:00:08","slug":"retirement-plan-options-for-small-business-owners","status":"publish","type":"post","link":"https:\/\/schenkelberg.investments\/?p=6489","title":{"rendered":"Retirement Plan Options for Small Business Owners"},"content":{"rendered":"\n

When it comes to retirement plans, we often\nthink of a 401(k) or 403(b), depending on what type of workplace we are accustomed\nto. These options work very well for large business, but there are quite a few\ndifferent options to be explored for smaller business owners. This can be a\nvery large decision based on how large or small your business is, and what you\nare looking for when saving for your future and helping those that work for you\nsave for theirs. There are also a couple of ways to maximize saving\nopportunities for business owners and their more highly compensated employees. <\/a><\/p>\n\n\n\n

Business owners have a lot of responsibility\nwhen it comes to offering options for their employees. Saving for retirement is\nessential to securing retirement needs for all individuals. The Department of\nLabor established The Employee Retirement Income Security Act of 1974 (ERISA)\nthat set minimum standards for most voluntarily established retirement and\nhealth plans in private industry to provide protection for individuals in these\nplans. Over the years this act has expanded in its scope to try to better\nprotect participants. <\/p>\n\n\n\n

Fiduciary. <\/strong><\/a>There are fiduciary responsibilities for the employer when it comes to\nmanaging and controlling assets in these plans. Investopedia defines a\nfiduciary as a person or organization that acts on behalf of another person or\npersons to manage assets. Essentially, a fiduciary owes to that other entity\nthe duties of good faith and trust or to act in the best interest of the\nindividual for whom they are controlling assets. The employer can maintain\nthese responsibilities or they can shift them to an investment manager, such as\na Registered Investment Advisory, that has a fiduciary duty to all clients they\nserve. A broker-dealer is not held to this type of standard.<\/a><\/p>\n\n\n\n

There are three primary types of retirement\nplans employers may offer:<\/p>\n\n\n\n

  1. IRA-Based Plans. <\/strong>The amount of money that an individual receives at retirement depends on the funding of the IRA and the earnings (or losses) on those funds.<\/li>
  2. Defined Contribution Plans. <\/strong>At retirement, an employee receives the accumulated contributions plus earnings (or minus losses) on the invested contributions.<\/li>
  3. Defined Benefit Plans. <\/strong>Primarily funded by employer, at retirement an employee receives a specified benefit promised by the employer. A defined benefit plan includes cash balance plans.<\/li><\/ol>\n\n\n\n
    \"\"<\/figure>\n","protected":false},"excerpt":{"rendered":"

    When it comes to retirement plans, we often think of a 401(k) or 403(b), depending on what type of workplace we are accustomed to. These options work very well for large business, but there are quite a few different options to be explored for smaller business owners. This can be a very large decision based […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[122],"tags":[],"class_list":["post-6489","post","type-post","status-publish","format-standard","hentry","category-financial-planning"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p7kXxe-1GF","jetpack-related-posts":[{"id":6148,"url":"https:\/\/schenkelberg.investments\/?p=6148","url_meta":{"origin":6489,"position":0},"title":"Retirement – Dreams to Reality – Busy Stage","author":"J.J. Schenkelberg, CFA","date":"July 8, 2017","format":false,"excerpt":"Who will you be when you retire? Retirement is about having control of your time. Maybe it means earning money doing something you love, at a pace that is comfortable for you. Maybe it is helping a charitable organization, or volunteering your time for activities you care about. Spending time\u2026","rel":"","context":"In "Financial Planning"","block_context":{"text":"Financial Planning","link":"https:\/\/schenkelberg.investments\/?cat=122"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6593,"url":"https:\/\/schenkelberg.investments\/?p=6593","url_meta":{"origin":6489,"position":1},"title":"Are You Saving Too Much In Your 401k?","author":"J.J. Schenkelberg, CFA","date":"January 12, 2022","format":false,"excerpt":"Before you read too much into this title, I firmly believe you cannot save too much for retirement. Saving early and often is the best path to personal financial freedom for retirement and any other life goals. Figuring out where to save is one of the most important reasons to\u2026","rel":"","context":"In "Market Commentary"","block_context":{"text":"Market Commentary","link":"https:\/\/schenkelberg.investments\/?cat=119"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2022\/01\/Fin-Plan-Chart-011222.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2022\/01\/Fin-Plan-Chart-011222.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2022\/01\/Fin-Plan-Chart-011222.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":6141,"url":"https:\/\/schenkelberg.investments\/?p=6141","url_meta":{"origin":6489,"position":2},"title":"Retirement \u2013 Dreams to Reality – Pre-Retirement","author":"J.J. Schenkelberg, CFA","date":"October 23, 2017","format":false,"excerpt":"Who will you be when you retire? Retirement is about having control of your time. Maybe retirement means earning money doing something you love, at a pace that is comfortable for you. Maybe it is helping a charitable organization or volunteering your time for activities you care about. Spending time\u2026","rel":"","context":"In "Financial Planning"","block_context":{"text":"Financial Planning","link":"https:\/\/schenkelberg.investments\/?cat=122"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6192,"url":"https:\/\/schenkelberg.investments\/?p=6192","url_meta":{"origin":6489,"position":3},"title":"Retirement – Late Retirement Stage","author":"J.J. Schenkelberg, CFA","date":"April 6, 2018","format":false,"excerpt":"Who will you be when you retire? Retirement is about having control of your time. Maybe retirement means earning money doing something you love, at a pace that is comfortable for you. Maybe it is helping a charitable organization or volunteering your time for activities you care about. Spending time\u2026","rel":"","context":"In "Financial Planning"","block_context":{"text":"Financial Planning","link":"https:\/\/schenkelberg.investments\/?cat=122"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6203,"url":"https:\/\/schenkelberg.investments\/?p=6203","url_meta":{"origin":6489,"position":4},"title":"Tax-Efficient Investing","author":"J.J. Schenkelberg, CFA","date":"July 6, 2018","format":false,"excerpt":"Tax-Efficient Investing There are not many people who would say, \u201cI want to pay as much in taxes as I can each year.\u201d Most investors are trying to keep well-earned dollars in their pockets. There are many ways to minimize taxes while saving for future needs. For many, maximizing the\u2026","rel":"","context":"In "Financial Planning"","block_context":{"text":"Financial Planning","link":"https:\/\/schenkelberg.investments\/?cat=122"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6913,"url":"https:\/\/schenkelberg.investments\/?p=6913","url_meta":{"origin":6489,"position":5},"title":"Roth IRA Conversion Opportunities","author":"J.J. Schenkelberg, CFA","date":"January 5, 2026","format":false,"excerpt":"A Roth IRA (Individual Retirement Account) conversion involves moving funds from a traditional IRA or other eligible retirement account into a Roth IRA. Income taxes must be paid at the time of conversion, but once the funds are in the Roth IRA they may grow and be withdrawn tax free\u2026","rel":"","context":"In "Financial Planning"","block_context":{"text":"Financial Planning","link":"https:\/\/schenkelberg.investments\/?cat=122"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2026\/01\/image.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2026\/01\/image.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2026\/01\/image.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2026\/01\/image.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2026\/01\/image.png?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=\/wp\/v2\/posts\/6489","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6489"}],"version-history":[{"count":1,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=\/wp\/v2\/posts\/6489\/revisions"}],"predecessor-version":[{"id":6491,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=\/wp\/v2\/posts\/6489\/revisions\/6491"}],"wp:attachment":[{"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}