SPONSORED: New Regulations Affect Trustees Of Retirement Plans

Being a trustee of our company retirement plan reminds me of the Biblical character Job, who asked, "Where shall wisdom be found and where is the place of understanding?” Retirement plan administration requires understanding of the continued regulatory oversight by Congress and the Department Of Labor, while consulting with a retirement plan attorney and Registered Investment Advisors provides wisdom. When Bell and Company started in 1982, I didn’t worry about retirement. My wife Lee and I were just trying to pay the mortgage and truck payment. I remember going to the North Little Rock post office each week and there would be one client's check for the work done the previous week, and for that we were thankful. Over time, like many businesses, ours grew and I began to think about how we would share our success with the staff that contributes to our success.   As entrepreneurs, we have choices among what happens to profit, spending, paying of taxes and reinvestment. Our firm, like many, has opted to share profits with all staff members through a generous bonus program. We offer a match of 5 percent if a staff member contributes 5 percent of his or her pay. Over time, young professionals who dedicate the maximum contribution over the course of their work life, along with the 5 percent match, will become quite wealthy. But with the generosity of a company retirement plan comes responsibility. As trustees of this small business retirement plan our intent is gener...
Source: Arkansas Business - Health Care - Category: American Health Source Type: news