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Small Business Retirement Plans in Orem UT & Provo UT

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 Advance 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 Locations

*Main Office

248 South State Street
Orem, UT 84058
Main office: 385-244-2627
Toll free: 877-700-9131

Draper

12401 S 450 E #A2
Draper, UT 84020
Main office: 385-626-7130
Toll free: 877-700-9131

Heber

175 N Main St. Suite 202
Heber, UT 84032
Main office: 435-414-6667

Hesperia, CA

16501 Walnut St Suite 12
Hesperia, CA 92345
Main office: 877-700-9131

Logan

399 N Main Suite 140
Logan, UT 84321
Main office: 435-704-9219

Nevada

222 S Rainbow Suite #220
Las Vegas, NV 89121
Main office:
Toll free: 877-700-9131

Ogden

2650 N 300 E Ste 110
Ogden, UT 84414
Main office: 385-244-2557

Ogden

3725 Washington Blvd #8
Ogden, UT 84403
Main office: 385-244-2681

Ogden

2120 N Washington Dr #20
Ogden, UT 84414
Main office: 385-244-2557

Pleasant Grove

1406 W State Rd.
Pleasant Grove, UT 84062
Main office: 385-626-7254

Provo

363 N Univ. Ave #103
Provo, UT 84601
Main office: 385-626-7046

Roosevelt

105 E Lagoon St
Roosevelt, UT 84066
Main office: 435-704-9188

Salt Lake

426 E 3300 S
Salt Lake City, UT 84115
Main office: 385-722-5425

South Jordan

1086 W South Jordan Parkway #106
South Jordan, UT 84095
Main office: 385-626-7189

South Ogden

3755 Washington Blvd Suite 4
South Ogden, UT 84403
Main office: 385-244-2922

St. George

2107 W Sunset Blvd #202
St. George, UT 84770
Main office: 435-704-9082

Our Providers

Testimonials

Accommodating, professional, helpful, and quick. Very comfortable experience and I was impressed by their capabilities. Highly recommended.
Brad M.
I feel lucky to have found an agent willing to provide this level of service. No need to look anywhere else!
Michelle D.
Over the years we’ve never once had to worry about our coverage. My husband and I are long-time customers and proud to be.
Carol S.
Surprisingly flexible and in-touch with my needs as a small business owner. Can’t ask for more.
Spencer F.
They have strong ties with the community, and it shows. It’s nice to do business with people that really show they care about you and your family.
Susan T.