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Help with Employee pension plans

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Question: I would like to learn about other companies' employee pension plans. We employee 29 people, have about $1.2 million annual payroll, and want to set up a pension plan program. Also, I'd like info on life insurance, e.g., amount per employee, cost per thousand, etc. Any info would be appreciated.  -- Jean

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Your firm should hire a lawyer and/or broker, who can help you determine what type of insurance, pension plan, etc. will be a good fit, and then give you options on which vendors would be suitable and actually arrange for you to talk to them and get rates from them. It's like hiring a car broker to find you the best deal on a car. If you want to buy the car on your own, you'll have to do a lot of research, compare prices, make numerous decisions on various features. With 29 lives depending on your decisions, I'd think you'd want expert advice from a broker who has helped many other companies find suitable policies, and from a lawyer who knows the law on pension plans inside and out. (The pension plans, especially, are very tricky and may be subject to a lot of scrutiny from the IRS.)

My company specializes in creating pension and 401k plans for small companies. Send me an email and I’ll give you the contact information.



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