A pension plan can provide pretax, payroll deduction salary deferrals for participating employees; tax-deductible employer contributions; and tax-deferred growth of plan assets.
A pension plan can shift much of the cost of providing retirement benefits from the employer to the employees. Though employer contributions can be considerably less than those required by a traditional plan, they are often appreciated more.
A pension plan can be an economical replacement for an existing plan, particularly a defined benefit plan that is too costly and cumbersome or is not generating sufficiently tangible benefits for younger employees.
Pension plans are well-suited to participant investment selection from a variety of mutual funds — the current preferred products of many employees.
click here to have a Bannon Ohanesian & Lecours Representative contact you.