Week 5: THE NEXT 10 WEEKS WILL TELL YOU IF YOUR EMPLOYER 401(K) PLAN IS IN GOOD ORDER “HAVE IT YOUR WAY”
I read somewhere that Burger King recently changed its slogan of the past 40 years from “Have it Your Way” to the quote, unquote more personal, “Be Your Way”. I remember back in my hometown of Park Ridge when I was 8, a brand new Burger King opened its door and it boggled my mind I could order a Whopper with catsup only. I hated lettuce and tomato and pickles and onions. Just a burger and fries was my gig. A few years later it was catsup and pickles only, and just before college I discovered cheese. During college it was a double with pickles catsup and cheese.
My twenties and thirties had all of it on a double burger with double cheese. I couldn’t get enough onions, and tomatoes, even now, I love. When I actually do visit a Burger King these days I get a regular Whopper Jr. and a coffee and it does the trick. The point is, as a small business owner, or any business owner, the benefits you provide you and your employee need to serve your best interests as well as theirs. You need to be able to put as much money away as you can afford, you need to determine when and if you provide a SAFE Harbor plan and/or a matching contribution. You need to know about new comparability and cash balance plans.
You need to have a provider and an advisor that brings all of this to the table so you can morph your 401k plans as you deem beneficial to yourselves as well as your valued employees. So whether you “Have it Your Way” or “Be Your Way” you need to be aware that you can change and amend you plans so that they afford the best circumstance available for you and your future and keep your business on the right track. Remember, you don’t have to have pickles if you don’t like them and if you do, you can have double.
See you next week.