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When to Call a Third Party Pension Plan Administrator?

Administering pension plans is not an easy task for companies, especially small businesses with limited administrative capacity. It’s a complicated task, full of legal issues and financial calculations that can make the entire process confusing.

For this reason, many companies choose to use a third-party pension plan administrator. The purpose of the service is to provide you with a foolproof way to manage employee pension plans without the steep learning curve. You specify the benefits you’d like your employees to receive, and then the administrator does all the busy work for you, allowing you to get on with running your business.

But when should you call a third-party pension plan administrator and use their services? Take a look at the following scenarios.

You Want To Enroll Your Employees On A 401(k) Scheme
401(k) pension plans allow your employees to put money into their pension plans today and defer taxes in the future. So, for instance, if you pay your employee $50,000 per year …

Why People Choose SW Pension Services?

Running a small business isn’t easy, especially when you bring a team on board. While taking on employees may be the dream, it also comes with potential nightmares like a regular salary, and even a responsibility to take care of health and safety. As if all that weren’t enough, you’ll also need to consider including a pension plan for your team.

Admittedly, this may fall to the bottom of your list compared to issues which you can’t legally wriggle out of. The moment you study the market, though, you’ll see that your competitors probably offer some form of pension benefit to staff. That’s because benefits like these are vital for appealing to the best employees. If you want to get the team you’ve been dreaming of, then, you’re going to need to take care of this, as well.

That’s where Southwest Pension Services. We’re a third party administrator for small company retirement plans across Las Vegas and Nevada, and our 401K administration plans and more could see you standing out against e…

Making Sure Your Retirement Plan Checks All of the Boxes

Creating a retirement plan offers a number of benefits to your company. The contributions that you make to your employees' retirement are tax deductible, and other financial incentives like tax credits can reduce costs too. A retirement plan helps to attract and keep top talent for your business, even and sometimes especially if you run a small business. It obviously offers a range of benefits to your employees, helping them to prepare for retirement and secure their financial future. If you want to create a retirement plan that checks all necessary boxes regarding both legalities and what your employees want, here's how.

Listen to Your Employees
If you want to offer benefits your employees that help them to get more from their jobs, you might consider taking their opinions into account. Talking to them about what they are looking for from a retirement plan can help you to make sure your business offers them what they need. What would encourage them to participate in the retir…

Can I Use My Money Before I Retire?

With any pension or retirement plan, the aim is always to leave the money untouched until you retire so that you can make sure you have enough funds for this part of your life. However, there is no denying that circumstances could arise that may require you to change your thought process. If you are currently thinking about taking money from your 401(k) prior to your retirement, this blog post will provide you with some useful advice on doing so.

You can withdraw money, but there are penalties 
Typically, you will need to ensure that the funds are kept in the plan until you reach the age of 59-and-a-half-years-old. You can withdraw money before this but you will be hit with a pretty substantial penalty of 10 percent. This is on top of the regular income tax that is applied to all withdrawals. This can mean that you are sacrificing quite a large sum of money in order to make a withdrawal.

However, it is worth noting that there are some exceptions. The 10 percent penalty will be waived …

How To Set Up A Retirement Plan For Your Las Vegas Business

Are you eager to set up a retirement plan for your business in Las Vegas? These plans are recognized as a great way to help both employers and employers make the savings they need for a comfortable retirement. It is important to be aware that regardless of what plan you put in place, it must match the standards and regulations of the Employee Retirement Income Security Act. This is focused on ensuring that employers maintain their fiduciary responsibility for the assets. As there are a variety of different retirement plan options available, it can be difficult to know where to start. Here are some considerations you need to keep in mind.

Choose The Retirement Plan That Suits Your Needs

As mentioned, there are a variety of different types of plans including a 401K, Simple IRAs and SEP IRAs. If you are unsure which one to choose, you need to discuss this with a professional or a tax advisor.

401K plans are the most complicated retirement plan. In a case like this, an employer will maint…

Steps to Take to Ensure a Great Retirement!

A happy retirement means different things to different people. Most of the time, a great retirement involves feeling financially secure while you grace the golf courses and take discounted cruises, and this would be correct given that retirement cannot be celebrated without security. Retirement planning may not be high on your agenda when you're young, but it's got to be something that you think about at some stage - so why not right now?

Long term financial goals need your consideration, so let's take a look at how you can put that plan in place today.

Step 1: Start A Map
Every single plan begins with a map; vacations need maps to help you travel to your destination, and retirement needs a planning map to help you to get from where you are now to a comfortable one.

Write yourself a list of how you plan to put money into your retirement account before it's too late.

Step 2: Define Your Goals
What is it that you want to accomplish before you retire? You need to plan how…

Our Retirement Plan Services

At SW Pension Services, we have sought to ensure we can provide a comprehensive retirement plan service for our clients. We pride ourselves on our ability to create plans that suit both you the employer, and your employees, guaranteeing a complete approach that is capable of producing the best results every time.

In addition to providing standard annual administration services, we have sought to make the process of managing 401(k) plans as simple as possible for employers. In order to achieve this goal, we have endeavored to provide a number of free, on-request services that employees can access in order to ensure effective overall management of their plan.

Enrollment

We can manage every aspect of the enrollment process, ensuring that your employees are always well-informed and reassured throughout the process.

Help with retirement projections and actuarial consultation from SW Pensions

Retirement projections are, understandably, vitally important to any good 401(k) plan. We can help to…