Employer Retirement Planning

brown wooden chess piece on brown wooden chess piece

 

The idea of retirement seems idyllic, doesn’t it? 

The majority of people might report that their image of retirement includes relaxing with family, devoting attention to newfound or long-forgotten hobbies, and spending time on leisurely activities. 

However, 60% of Americans are worried about not having enough money to meet their needs once they stop working -- which brings the dream of retirement to a grinding halt.

Fear of insufficient income tops the list of financial worries for the average American. Financial insecurity beats out the concern over health care costs, paying off debt, and a host of other monetary issues.

10,000 Americans turn retirement age every single day, a staggering number of people dealing with the fear of financial insecurity.

In light of such concerns, today’s employees have been considerably more involved and interested in retirement planning. For mid- and late-career employees, this type of planning is the number one priority. According to the Towers Watson 2014 Global Benefits Attitudes Survey, over half of employees are willing to trade cash compensation for more generous retirement benefits.

 

Opportunity for Employers

These facts present an opportunity for employers to add a perk to their portfolio, one which would attract and retain top talent. Half of those with six-figure incomes and above identify their retirement security as a reason to stay with their current company. The appeal of a secure retirement is the strongest among mid-career and older employees.

As an added plus for the employer, secure retirement programs not only work to retain top employees, they’re a motivator as well -- a recent Towers Watson survey shows that employees who are satisfied with their retirement plan are five times more likely to be more productive at work. As companies have dealt with the strain of a weak economy over the last several years, asking more of their employees, organizations have had to manage the challenges of employee burnout and retention. A great retirement plan can ease these adversities.

As employees seek greater financial security, employers have an opportunity to tailor their benefits packages to address the concerns of retirement and financial security for the future.

 

Qualified Retirement Plans

  • Defined benefits plan

  • Defined contribution plan

  • Profit-sharing plan

  • Employee stock ownership plan (ESOP)

  • Traditional 401(k)

  • ROTH 401(k)

  • Roll-over 401(k)

  • Simplified employee pension (SEP)

  • Inherited IRA

 

Performance-Based Incentive Plans

  • Attraction and retention of key people

  • Motivation and rewards for executives

  • Provision of select fringe benefits

  • Non-qualified plans

  • Stock options

  • Stock appreciation rights

  • Performance-based succession plans

  • Leveraged management buy-outs

Our planning process is designed to increase your comfort in making decisions about and properly integrating these planning tools. Marion Consulting, LLC has established relationships with a unique network of top-performing professionals to deliver customized wealth accumulation and retirement security for key executives. The result is an all-star team of financial, insurance, legal, and tax experts with specialized, cutting edge, and long-term experience working with closely-held business enterprises.