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Small Business Retirement Plans in Pickerington OH & Canal Winchester OH

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 MMA 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

Main Office

670 Windmiller Drive STE B
Pickerington, OH 43147
Main office: 614-454-3869
Toll free: 888-565-6624

Our Providers

I am big fan of MMA Insurance Agency since my first experience 5 years ago. My wife and I were purchasing a new home for our family to grow. I had asked Mark for a quote for home owners coverage. I was amazed with the cost considering I was purchasing a bigger home, more coverage and received a lower annual premium. I then decided to have him quote our auto coverage as well. I figured he wouldn’t be able to go much lower since we were preferred clients of a very well know insurance company. Not only was MMA Insurance Agency able to beat the competition, we were getting coverage for both auto and home policies for the same price that we were getting just for our auto insurance with the other company. It’s as if we were getting our home owners coverage for free. I have since recommended my friends, family and clients to MMA Insurance Agency for insurance needs, as they have been able to save each and everyone of them.
Bill Holliday
I just wanted to take a moment and thank you again for everything that you do for us. My wife and I are very happy that we made the switch to MMA Insurance. We were with Nationwide Insurance for over 7 years together and 8 years on my own. After the initial consultation I never heard from my agent, unless he wanted to “up sell” me something. As you know a lot changed in our lifestyles in that time period; Marriage, Kids, Cars and Home Ownership. We originally switched because you were able to get us 2 times the coverage and a large Umbrella Policy for the same rates. We have now been insured with you for almost 2 years and you have already recommended we switch our Insurance carrier to save us money at no cost or reduction of coverage. Thanks again for giving us Peace-of-Mind!
Chris and Janee Bryant
I wanted to send a message to you and let you know what a privilege it has been to work with you entire team to secure my home, auto, umbrella and soon to be health insurance through your company and team. Everyone I have spoken with (Donna, Amanda, Ina) has been amazingly helpful, well informed and highly professional. I am very happy to be one of your new clients and know that I will happily refer you and your team to anyone. Thank you again. Having lived out of the country for five years, now buying a home and setting life up again in the U.S. is kind of an intimidating process, but thanks to you and your team, you have all taken a lot of that fear and stress (of making bad decisions) out of that process for me. Respectfully, Andy M
Andy M