Group Retirement Planning

WHITEPAPER

The 3 Pillars of Successful Retirement Plans

    Quality group retirement plans are essential for
    drawing in and retaining employees.

    At Park Place Financial, our team of certified financial planners offers multiple corporate retirement planning services to assist businesses in providing valuable retirement benefits for their staff. We are an independent, fiduciary firm in Bellaire, Texas, dedicated to finding customized group retirement planning solutions that meet the unique needs of each corporate client we serve.

    What Is a Group Retirement Plan?

    In a group retirement savings plan (GRSP), an employee adds to their retirement by deducting a select amount of their gross pay and allocating it towards investments. Typically, the employer will match these contributions up to a certain percentage.

    Group options share some similarities with individual retirement savings plans, such as tax perks and how much an employee is allowed to contribute. However, they are different from a management standpoint.

    With an individual plan, the employer may be the sole administrator of retirement savings. In a group plan, management tasks are outsourced to a brokerage or insurance company.

    Why Choose a Group Retirement Plan?

    As mentioned, offering a group retirement plan can be an effective technique for attracting and keeping employees. Besides providing workers with financial security, these plans also deliver advantages for business owners.

    For Employers

    • More flexible and easier to manage than other plan types
    • Vesting opportunities to return employer contributions should the staff member leave within a specific period
    • Ability to define and modify contributions
    • Tax deductions for making contributions

    For Employees

    • No minimum contribution amount
    • Convenience since contributions come directly out of paychecks
    • Tax savings begin immediately after adding to retirement
    • Fewer management fees since assets are pooled together
    • Peace of mind as a professional investor is supervising the portfolios
    • Ability to have an individual and group plan (provided the employee does not surpass the annual maximum limit for contributions)

    Our Corporate Retirement Planning Services

    The local retirement advisors at Park Place Financial will work diligently with your business to ensure you make the right decisions regarding group retirement plans. Various organizations will benefit from utilizing our corporate retirement planning services, whether they are modest startups with only a handful of employees or large companies with vast workforces. Some solutions your business can obtain include:

    Objective Guidance

    In all of our services, we abide by our fiduciary duty to act in the best interests of our clients. When you come in for assistance regarding group retirement planning, you will receive recommendations that are backed by hard data. You will not be persuaded to purchase financial products.

    Education for Plan Participants

    By giving employees adequate instruction on the group retirement plan, your company will experience greater overall satisfaction. We can aid you in developing educational resources for plan participants, including training programs, workshops, and retirement readiness guidance.

    Customized Planning

    Not all plan participants will have the same retirement goals. While group plans come with some limitations, our team investigates different options to cater to diverse retirement needs. This personalized planning approach also provides flexibility to adjust plans as the business expands.

    Investments Selections

    We search for plans that offer clients a host of investment options based on their retirement objectives and risk tolerance. This service helps keep group plans customizable, especially for businesses with numerous employees on the payroll.

    Cost Management

    Our services include managing the multiple expenses of hosting a group retirement plan. For instance, we can analyze vendor fees to determine if the outsourced company or brokerage handling the plan is a good fit for your business.

    Expertise with Multiple Plan Types

    Our certified financial planners have extensive knowledge of different group retirement plans. Businesses can attain guidance in deciding on the following plans and similar options:

    • Employee profit sharing
    • Employee stock ownership
    • Simple IRAs
    • Simplified employee pension IRAs
    • 401(k)s

    Trust Park Place Financial For Group Retirement Planning

    At Park Place Financial, we take our commitment to our clients seriously. By partnering with us, you will gain the confidence needed to extend a group retirement plan at your organization. Additionally, we proceed with the utmost honesty and transparency, fostering open communication to maintain lasting relationships with our clients.

    Besides corporate retirement planning services, we also offer clients an array of other financial advisory solutions. You can review our services page to learn more about the guidance our certified financial planners offer. You can also contact us today to learn more about group retirement plans or schedule your complimentary financial checkup.

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