Not sure which retirement savings option is right for you?
It really comes down to your goals for starting a workplace savings plan. If you want to maximize your annual contributions and are looking for tax savings, a 401(k) plan can help you do that. If you simply want to offer your employees a vehicle to save for retirement with no cost or administration for you, a workplace savings IRA may be a better fit.
Here are some side by side comparisons to help you:
401(k) plans offer flexible plan design that give you options for employer contributions and vesting schedules, however there is also some administrative and year end work required. With a workplace savings IRA you won’t have the administrative work because all contributions and setup happen at the employee level and through payroll integration. A workplace IRA, will most likely not fully fund a retirement, but it’s a great place to start!
If you think IRA is the right option for you, click below to begin setup.
You will need to provide us:
- Company information, including FEIN # and banking information for payroll processing.
- Employees' names, birth dates, email addresses and employment dates.
- That's it! We will notify your employees to begin their enrollment.
CoPilot IRA is a retirement service and is not an independent entity. Services for CoPilot IRA are provided by and through PAi Trust Company, Inc.
PAi Trust Company does not provide any tax, legal or investment advice.
The Years of Retirement calculator is for illustrative purposes only. The estimates provided through this calculator are inherently uncertain and are not, in any way, a guarantee of future results.
Individual Retirement Accounts are: Not FDIC insured | Not bank guaranteed | May lose value.