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Small Business Retirement Plans in Middleburg Heights OH & Medina OH

Offering a retirement plan for your employees could be one of the best things you'll do for your small business. The benefits aren't just in the future, either—as pointed out by the Department of Labor, starting a retirement plan offers immediate tax benefits in the form of deductibles, deferred taxation, and tax-free growth. Small employers can also usually take advantage of available tax credits that help offset the creation and administration of their plan, making it both easy and affordable to get started.

Types of Small Business Retirement Plans

If you're going to start offering small business retirement plans, you need to decide what type of plan(s) are actually going to be offered. There are a few different choices, each with their own advantages for different types of business owners.

401(k) Plans

A 401(k) plan—named after its designation by the IRS—is a special type of retirement account that allows employees to contribute some of their earnings into a savings plan. The three main forms of 401(k) plans available are Safe Harbor, Automatic Enrollment, and Traditional, all of which have important differences for small businesses. We encourage talking to a certified financial professional prior to selecting a plan in order to ensure that it's right for your company's needs, both now and in the future.

*Federal income tax laws are complex and subject to change. Neither Nationwide nor its representatives give legal or tax advice. Please consult your attorney or tax advisor for answers to specific questions. 

Profit Sharing Plans

If your company's income is variable, you can opt for what's known as a "profit sharing plan." These plans accept contributions at the discretion of employers, and typically do not require a certain amount of contributions each year. This is especially useful for startups, who may not have funds to spare as they work to establish themselves and deal with the challenges of creating a new business.

While all plans are required to file a Form 5500 each year to report their performance, the plans are accepted for businesses of any size and can even be used by companies that have other retirement plans in place. A Hertvik Insurance Group agents would be happy to discuss these and other options with you.

Guarantees and protections are subject to the claims paying ability of the issuing insurance company.

1. "Choosing a Retirement Solution for Your Small Business." Accessed April 12, 2016. http://www.dol.gov/ebsa/publications/choosing.html.

2. "Form 5500 Corner." Accessed April 12, 2016. https://www.irs.gov/Retirement-Plans/Form-5500-Corner.

Our Locations

Hertvik Insurance Group

7530 Lucerne Drive, Suite 110
Middleburg Heights, OH 44130
Main office: 440-243-2229
Toll free: 800-467-3254
Fax: 440-243-2552

Badamy Insurance

4408 Timber Commons Drive
Sandusky, OH 44870
Main office: 419-502-2200

Brown & Associates

6277 Frank Ave. NW
North Canton, OH 44720
Main office: 330-499-0206
Toll free: 800-467-3254
Fax: 440-243-2552

Our Providers

Testimonials

Always have a great experience with the girls. Very helpful and friendly and such quick responses! Thank you!!!

Kimberlee R.
You are easy to work with and are always looking out for my family's best interest without being pushy.

Michael R.
I get a quick response to any questions or concerns. Everyone is always very pleasant to talk to.

Charles C.
Paperwork has been easy to sign and file (all available online), fast response when questions are asked, always polite AND our price went down for the next year!!! That’s kind of unheard of in the insurance business!!

Allen J.
Quick responses and knowledgeable.

Jerry N.
Hertvik group has made sure that I have the appropriate coverage at the best price. They also answer the phone or call back promptly.

Linda O.
One point of contact is nice & I like the fact that you can offer multiple companies instead of forcing us into one

Heather L.