Can a 401(k) better serve your clients?

Simplifying SIMPLE IRAs and 401(k)s

Small business owners just starting off often set up a SIMPLE IRA to save for retirement. As the business grows and the owners reach their contribution limit many outgrow their SIMPLE IRA and need a better savings vehicle. Here is how a 401(k) can better serve your business owner clients:

SIMPLE IRA	Bundled	Unbundled
$17,000 contribution limit	$67,500 contribution limit	$50,500 more in savings
No Profit Sharing	Profit Sharing available	Contributions tailored to specific groups
No Roth contributions	Roth options available	Retains and recruits top talent
No vesting schedule	Vesting schedule available	Company contributions are discretionary
Only for less than 100 employees	Perfect for ALL size employers	Grows and evolves with the business

The right saving's vehicle is vital to your client's business. The 401(k) opportunity should not be overlooked. A 401(k) is the natural next step for your business owner clients that are looking to save more or have outgrown their SIMPLE IRA.

At Trinity, we make complex pension concepts simple, and our seamless conversion process creates a smooth transition. Every client has access to a dedicated Relationship Management team who is available to answer questions and make sure that the plan remains compliant.

Plus, our Trinity Pro and 3(16) Services offers the convenience and protection your business owner clients want. With Trinity, every client’s plan is tailored to truly fit their business needs and goals from service to plan design.

For more information about our retirement plan services, contact us at 877.206.6290.

01 Aug 2023

About the author

Heather Craigg