Plan For Your Business

Why Offer an Employer-Sponsored Retirement Plan?

We understand that a robust retirement plan is crucial for small businesses aiming to attract and retain top talent. Beyond attracting skilled professionals, the right retirement plan can boost employee loyalty.

We cater to companies with fewer than 100 employees, and our financial advisors can help tailor a strategy that matches your company's size, structure, and culture designed to enhance employee satisfaction. Plus, many employer-sponsored retirement plans can offer the added benefit of tax savings, making them a win-win for you and your employees.

Choosing the Right Retirement Plan

Every business is unique, and we’re here to help you find the right retirement plan that fits you and your employees’ specific needs. Our employer-sponsored programs include:

SEP IRA: Ideal for sole proprietors and small businesses, the SEP IRA is a simple and relatively inexpensive retirement solution. This plan allows flexibility with voluntary contributions and is exclusively employer-funded, providing tax-deductible options for business owners. However, if you have employees, you might need to contribute to their retirement plans as well.
SIMPLE IRA: This IRA best suits companies with 25 or fewer employees. It is easy to administer and requires minimal costs while fostering a shared investment in retirement savings. Both employees and mandatory employer contributions fund SIMPLE IRAs. Employers can match employee pre-tax contributions dollar-for-dollar up to 3% or contribute a flat 2% of compensation to all eligible employees. As the business owner, you can deduct employer contributions from your company’s federal taxable income.
Solo 401(k): For small business owners without employees, the Solo 401(k) offers an opportunity to save more for retirement than many other plans. It includes options for salary deferrals, Roth 401(k) salary deferrals, and profit-sharing without mandatory contributions. Spouses and equal business partners are also eligible to participate. You may deduct contributions from your company’s federal taxable income for both you and your partner.
401(k): The 401 (k) is the most popular employer-sponsored retirement plan. It is known for its flexibility, high limits for employee pre-tax contributions, diverse employer contribution choices, and optional loan provisions. Ideal for small businesses with ten or more employees looking to initiate or transfer an existing plan, it allows for Roth 401(k) salary deferrals. Business owners can also benefit from deducting employer contributions from the company’s federal taxable income.

Michael Beck, CFP

VP, Wealth Advisor

Michael Beck serves as Vice President, Wealth Management Advisor at St. Mary's Financial Services (SMFS), located at St. Mary's Bank. He brings over 25 years of investment services experience to this role.

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Biren Patel, CFP

VP, Sr. Wealth Management Advisor

Serving as Vice President, Sr. Wealth Management Advisor at St. Mary’s Financial Services (SMFS), he brings 7 years of investment services experience

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Check the background of these investment professionals on FINRA's BrokerCheck

Estate planning may require tax and/or legal assistance, which neither LPL Financial, nor its registered representatives, provide. Always consult a qualified tax and/or legal advisor for information as to how taxes may affect your particular situation.

All investing involves risk including loss of principal. No strategy assures success or protects against loss

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Investment Advisor Representatives conducting business as St. Mary's Financial Services offer investment advisory services through LPL, a registered investment advisor. Insurance products are offered through LPL or its licensed affiliates. St. Mary's Bank and St. Mary’s Financial Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using St. Mary’s Financial Services and may also be employees of St. Mary’s Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, St. Mary’s Bank or St. Mary’s Financial Services. Securities and insurance offered through LPL, or its affiliates are:

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