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Small Business Retirement Plans in West Chester PA & Downingtown PA

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 Keystone State Insurance 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 Location

Keystone State Insurance (Parkway Shopping Center)

929 S High St, Store 20B
West Chester, PA 19382
Main office: 610-692-4400
Fax: 610-692-4441

Our Providers

Testimonials

No one likes shopping for insurance, but it's something we all have to do. Keystone State Insurance did all the work for me. All of it. Apples to apples, I'm paying less than what I was paying for one car ¦with two cars. I ended up adding my homeowners and soon we'll be getting our life insurance through them as well. Cannot recommend them enough!

Sarah G
I was with my previous company for over 30 years, but being on a fixed income I figured it couldn't hurt to get a quote. The quote was half of what I was paying before! Tina walked me through each step and made sure every detail was covered. I couldn't be happier with my new insurance! Tina and George are always available to answer any questions, the customer service can't be beat! I've been recommending them to all of my family members.

Betty M.
Choosing the right insurance can be a difficult task. George at Keystone State Insurance helped us decided what level of coverage we needed by asking the right questions. He was extremely courteous and patient. Then, he found us a policy that saved us a lot of money for the same level of coverage that we had with another company. He handles any issues with the perfect blend of professionalism and friendliness. It's wonderful to have someone you can trust to manage your car and homeowners insurance and can simplify the process.

Christine K.