If you’re self-employed or own a small business and you haven’t established a retirement savings plan, what are you waiting for? A retirement plan can help you and your employees save for the future.

Tax advantages

• A retirement plan can have significant tax advantages:
  
• Your contributions are deductible when made
• Your contributions aren’t taxed to an employee until distributed from the plan
• Money in the retirement program grows tax deferred (or, in the case of Roth accounts, potentially tax free)

Which plan is right for you?
 With a dizzying array of retirement plans to choose from, each with unique advantages and disadvantages, you’ll need to clearly define your goals before attempting to choose a plan. For example, do you want:

• To maximize the amount you can save for your own retirement?
• A plan funded by employer contributions? By employee contributions? Both?
• A plan that allows you and your employees to make pretax and/or Roth contributions?
• The flexibility to skip employer contributions in some years?
• A plan with lowest costs? Easiest administration?
• The answers to these questions can help guide you and your retirement professional to the plan (or combination of plans) most appropriate for you.

SEPs

Simplified Employee Pension (SEP) IRA: Make contributions to your employees’ SEP IRAs with this cost-effective and easy-to-use Business IRA solution.

• Easily Establish SEP IRAs for All Employees
• No Minimum Contribution Limits
• Tax Benefits for Business Owners Making Contributions

SIMPLE IRA plan

The SIMPLE IRA plan is available if you have 100 or fewer employees.

SIMPLE IRA plans are easy to set up. You fill out a short form to establish a plan and ensure that SIMPLE IRAs are set up for each employee. A financial institution can do much of the paperwork. Additionally, administrative costs are low.

Profit-sharing plan

The Horizon Bank Profit-Sharing Plan is ideal for your business or organization if you are seeking a way to reward your employees’ hard work with further rewards and retirement benefits.

• With an employer-funded profit-sharing plan, you will be able to supplement the value of a traditional 401(k) with specific contributions made on a schedule of your choosing.
• Create contributions up to the lesser of either 25% of total compensation or the annual dollar limit
• Enjoy completely discretionary contributions and flexible funding schedules
• Work with a Horizon Bank investment advisor to create a vesting schedule that makes sense for your employees
• Supplement the retirement savings found in your employees’ 401(k) plans

401(k) plan

The Horizon Bank 401(k) Plan will help you or your employees save for retirement through direct payments to your savings made from paychecks. While the 401(k) is the most popular retirement plan in the United States, Horizon Bank offers unique wealth management and growth opportunities not found in traditional 401(k) retirement plans.

• Set up automatic retirement savings payments from paychecks, ensuring employees only pay taxes on future withdrawals from their 401(k) account
• Enjoy Horizon Bank as a fiduciary of your retirement plan, providing sensible advice about your savings strategy according to your specific business and personal financial goals
• Explore a true open architecture platform for your investment strategies
• Benefit you and your employees through allocation plans specifically tailored to each individual’s needs
• Engage with expert educational tools so you and your employees fully understand what your 401(k) has to offer

As an employer, you have an important role to play in helping America’s workers save. Now is the time to look into retirement plan programs for you and your employees.