Building a Retirement Plan for Your Business

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Step 10. Monitor plan progress at least annually.

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Step 9. Discuss the plan with appropriate employees.

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Step 8. Implement the plan.

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Step 7. Select retirement plan that best suits your company

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Step 6. Review and evaluate options, then work with advisor to design key plan features.

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Step 5. Evaluate available alternatives, including qualified and nonqualified plans.

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Step 4. Determine dollars available to fund the plan. Will this amount be available every year? Should funding be from the company only, or include voluntary employee contributions?

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Step 3. Gather data using employee census. Review number of people affected, ages, salaries, length of service, and turnover rate.

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Step 2. Determine whom you would like to benefit: All employees or only key staff?

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Step 1. Set retirement plan objectives: What do you want to accomplish? Provide additional retirement savings? Attract/retain key employees?